Euro Slips against Japanese Yen and U.S. Dollar, Following ECB Head Comments

The Euro slipped versus the U.S. Dollar and the Japanese Yen in early morning trading in London today, following comments made by Jean-Claude Trichet, President of the European Central Bank. Trichet was responding to comments made by one U.S. policy maker who observed that a strong U.S. Dollar was certainly in the best interests of the United States; Trichet remarked, that a comparison to a “weak” Euro did not accurately reflect the economic situation, as it currently stands. Worries about a bleak outlook for the economies of the Euro Zone also helped keep the Euro down; investors are concerned because the Euro Zone economies have yet to see any sign of economic recovery. February trade figures for the Euro Zone are expected to be released momentarily, and a poor reading would worsen the already sour sentiment.

As reported at 9:04 a.m. in London, the Euro, as traded on the EBS platform, traded at $1.3065, the lowest price in a month, versus the U.S. Dollar. The Euro lost .6% versus the Japanese Yen, trading at 130.14 Yen; meanwhile the U.S. Dollar gained .1% versus the Japanese Yen, trading at 99.40 Yen.
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