The Cost of Buying Euros Continues to Rise

The Euro extended its rally against the dollar to another record high after poor jobs data and a repeat performance by the Feds Bernanke, who did little to offer any support to the dollar. The Euro gained a full 1 per cent against the greenback to hit an all time high of $1.5231. This is the third straight session in which the Euro has gained to record highs.

We have seen good data posted by Germany this morning as Retail Sales rose higher than expected in January. Retail sales rose 1.6% on the month. Be aware today, as its Friday under after the rise of the Euro, it may be under some pressure from the dollar and yen as a bit of profit taking may come into play before the weekend.
29 February 2008 10:17:36

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