Euro holds own against eurozone uncertainty
Posted on May 23rd, 2005 by Brian Turner
Despite an increase in political upheaval in the eurozone, the euro held its own on Monday as it rose a fraction in relation to the US dollar, up to $1.2568. The euro held the status quo against sterling at £0.6868, and it fell in relation to the yen, but only 0.3 percent to ¥135.36.
Among the factors influencing the political climate were a call for early elections in Germany and polls showing that both France and the Netherlands look likely to reject the EU constitution in upcoming votes. However German equities rose on the belief that the early election will drive chancellor Gerhard Schröder from office and speed economic reforms.
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