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The Collective
Friday, April 13, 2007
By Dr. Steven Taylor

Via the AFP: Euro hits new two-year high against dollar

The euro surged on Friday to 1.3534 dollars, the highest level since January 3, 2005, on expectations of rising eurozone interest rates.

[...]

Ahead of the G7 talks, the dollar could face further selling pressure from new data in the United States, with the latest US trade balance data and producer price inflation numbers due later Friday.

The euro was changing hands at 1.3521 dollars, against 1.3480 dollars late on Thursday, 160.06 yen (160.62), 0.6811 pounds (0.6812) and 1.6364 Swiss francs (1.6396).

The dollar stood at 118.38 yen (119.14) and 1.2101 Swiss francs (1.2167).

The pound was being traded at 1.9860 dollars (1.9785).

On the London Bullion Market, the price of gold pulled back to 677.25 dollars per ounce, from 678.50 dollars late on Thursday.

And that’s your global currency report for the nonce.

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4 Comments

  1. Okay, so I was wrong, it is the pound that is almost twice the dollar. I knew is was one of the two.

    Comment by Jan — Friday, April 13, 2007 @ 3:03 pm

  2. but I know why you had “diversification” on your Power Point slide. :P

    Comment by Jan — Friday, April 13, 2007 @ 3:06 pm

  3. The answer: because it was in the book.

    Now that I think about it is about avoiding over-specialization in the context of over-pursuit of comparative advantage or something along those lines.

    I guess all that ethanol talk drove it right out of my head.

    Comment by Dr. Steven Taylor — Friday, April 13, 2007 @ 3:35 pm

  4. Yup. Too much specialization based on comparative advantage can leave national economies too vulnerable to market fluctuations in their specialized industry/commodity.

    And there is the whole protecting infant industry angle as well. But you may have mentioned that, I forget.

    And yes, ethanol did become the overarching topic of the day somehow.

    Comment by Jan — Friday, April 13, 2007 @ 4:22 pm

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