23 May 2001, 09:26 Euro falls to 6-month low against the dollar on Ifo, outflows
New York, May 22 (BridgeNews) - The euro tumbled to a six-month low of
86.63 cents on a poor Ifo index of west German business sentiment and on
expected cash outflows for the rest of the year. Concerns of outflows
flared after Morgan Stanley Capital International re-weighted on Saturday
its global indices this weekend in favor of U.S. and U.K. stocks to the
detriment of euro-zone assets, and after UBS Warburg research showed
Continental Europe losing over $1 billion last week.
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