Saturday, November 29, 2003

Euro Rises Above $1.20, Slips Back

Euro Rises Above $1.20 for First Time

The euro broke through $1.20 for the first time in its nearly five-year history Friday, surging amid fears about the U.S. trade and budget deficits.

The 12-country currency hit $1.2015 in European trading - the highest since it was introduced on Jan. 1, 1999 - then slipped back to $1.1995.

Across the Channel, the British pound hit a five-year high Friday against the dollar at $1.7240. In late trading in New York, the pound was worth $1.7216.

The dollar also was quoted at 109.55 yen in late New York trading, up from 108.98 yen late Wednesday. The dollar was quoted at 1.2915 Swiss francs, down from 1.2935, and 1.2983 Canadian dollars, down from 1.3039.

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