2 May 2003, 08:36  Euro rises to near USD1.1250 tonight

The euro hit new multi-year highs against the dollar in late London trade this evening, rising to near USD1.1250. Analysts said the gains were a response to a new fall in US manufacturing data for April. They added that volume was thin amid the closure of most European markets for May Day holiday today. Today's data served to feed an already bearish sentiment on the dollar, agreed Jane Foley, strategist at Barclays. "It doesn't seem as if the data is going to turn positive just yet," she said.
"The market is still not long euros and the flows remain anti-dollar ...the onus is very much on the US economy to prove it is worthy to attract a great amount of investment to fund the current account deficit," she added.//www.fxcentre.com

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