Skip to comments.French 'No' sinks Euro to 7-month lows
Posted on 05/31/2005 7:57:59 AM PDT by Asphalt
NEW YORK (Reuters) - The euro dropped more than 1 percent to its weakest level against the dollar in seven months on Tuesday after France's rejection of the European Union constitution sparked worries about the prospects for economic reform in Europe.
"The weekend 'No' vote was deemed to be negative for the euro and has sent the euro/dollar into a new trading range. It is quite possible that in the coming weeks we could get as low as $1.20 before the market decides that it has bought enough dollars for the time being," said Michael Woolfolk, senior currency strategist with the Bank of New York.
Analysts say the euro zone needs deep reforms because of its anemic growth and low confidence, but the French vote underscored voters' distrust of a reform drive that could limit social protection.
French President Jacques Chirac on Tuesday named Dominique de Villepin as the new prime minister in an ongoing government reshuffle in the wake of Sunday's referendum.
The euro fell to seven-month lows around $1.2312 according to Reuters data...
(Excerpt) Read more at washingtonpost.com ...
I guess this means the dollar is at a 7 month high?
Why would they assert our money is worth more right now? That would show that the economy is doing well.
We can't have that you know!
yup. you can't expect the press to support their own country, can you?
Don't be silly. In the 2-horse race between the dollar and the euro, the euro will always be in at least second place and dollar will never do better than next to last.
Next time there's a war in Europe, the loser has to keep France and the euro!
Boycott all French products!
But we get to print it. Chirac on one side and a bullforg on the other. WE get to pick the dress uniforms for the French Army too. TeeHee!