Forex Trading News - Euro hits new record high vs. dollar, pound. | CountingPips Forex & Currency Trading Blog

April 16, 2008 - Forex Economic News

Forex Trading News - Euro hits new record high vs. dollar, pound.

The euro has hit new record highs against the U.S. dollar and the British pound today in forex trading. The 15 nation European currency rallied past the previous all time high of 1.5912 dollars per euro to 1.5978 today after Eurozone inflation data showed prices increased in March. Eurozone inflation increased 1.0 percent in March to an annual rate of 3.6 percent which marks a 15 year high. Today's inflation news has undermined speculation of an interest rate reduction by the European Central Bank in the short term. The euro had previously set a new record high against the dollar on April 10th at an exchange rate of 1.5912 and seems poised to make a run at the 1.6000 mark. The euro has catapulted from the beginning of 2008 as the currency traded at a high of 1.4748 dollars per euro on January 1st.

The euro also broke through against the British pound sterling today and eclipsed yesterday's record high exchange rate 80.65 pence per euro. The European currency has reached as high as 80.96 pence per euro today and is still trending higher at the time of posting this story. The major driver of the euro increase against the pound has also been the Eurozone inflation data as there was no major surprises in economic news out of the U.K. today. The pound has fallen from an exchange rate of 74.47 pence per euro on January 1st, 2008 to approaching almost 81.00 pence per euro today.

Tags: usd, eur, gbp, exchange rate, record high, forex trading

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