Single Spike For The Single Currency
NEWS
FRANKFURT -- Meanwhile, further European Central Bank (ECB) intervention in the forex markets to support the euro last Friday (November 3) produced only a short-term spike in the currency’s value.
Intervention at about 10:00 boosted the euro up by 1.5 cents to nearly $0.88. But by 3:00 in the afternoon, the euro had dipped below its pre-intervention value of 0.864.
Further intervention in the afternoon failed to produce a sustained rally.
"It hasn’t failed, but it hasn’t really worked," says
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