6 June 2005, 13:50  The euro rose slightly against the dollar, eroding gains the U.S. currency had made last week

The euro rose slightly against the dollar Monday, eroding gains the U.S. currency had made after voters in France and the Netherlands rejected the proposed EU constitution. The 12-nation currency bought US$1.2263 in morning European trading, up from US$1.2217 in New York late Friday and up more than 1 cent from its eight-month low last week of US$1.2158. The British pound rose slightly to US$1.8195 from US$1.8123. The dollar fell marginally against the Japanese yen, falling to 107.07 yen from 107.82 yen on Friday night. The euro has been robust against the dollar, rising to an all-time high of US$1.3667 at the end of last year. After slowly slipping back for a while, it had lost about 3 cents since May 27 on concern about the EU constitution, along with a slowing euro-zone. Over the last week, Dutch and French voters rejected the document in separate referenda, plunging the EU into a crisis of confidence. The euro regained some strength Friday after worse-than-expected U.S. jobless figures. Markets were looking ahead Monday to an address by British Foreign Secretary Jack Straw to the House of Commons about the implications of the EU constitution votes, with speculation that he could announce a postponement or cancellation of the British referendum.

© 1999-2024 Forex EuroClub
All rights reserved