Posted On: October 05, 2011
The common currency of the European Union dropped in value after the European Central Bank opted to keep interest rates intact, Reuters reports
At the final interest rate meeting of the European Central Bank under the guidance of President Jean-Claude Trichet, policy makers opted against moving the interest rate, which encourages borrowing. But the euro dropped to its lowest value against the U.S. dollar during the trading session. Inflation in September grew to 3 percent after the metric touched 2.5 percent in August, according to
"The sharp increase in inflation last month underlines the difficulties facing the central bank," foreign-exchange strategy executive director Jeremy Stretch with Canadian Imperial Bank of Commerce in London told Bloomberg.
On Tuesday, the 17-member monetary unit was valued at its lowest price against the U.S. dollar since January 2013 while it also touched its lowest value against the Japanese yen since June 2001.
Dow Jones Newswires reports
a Spanish bond auction produced strong results, which assisted with early advances for the peripheral bond markets in the euro zone.
Category: Industry News
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