Euro Equal to US Dollar

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Last updated at: (Beijing Time) Tuesday, July 16, 2002

Euro Equal to US Dollar

The European single currency reached parity with the US dollar on Monday and continued its gains, the first time since February 24 of the year 2000 when one euro was equivalent to one dollar.

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The European single currency reached parity with the US dollar on Monday and continued its gains, the first time since February 24 of the year 2000 when one euro was equivalent to one dollar.

The euro has made profit from a weakening dollar mainly caused by the loss of confidence of the investors, analysts said. Scandalover some US companies, the loss on Wall Street and the high deficit of the US government have all driven down confidence in the US currency over the past months.

Since the end of January, the euro has gained 15 percent against dollar. The rate of exchange between euro and dollar on Monday is widely considered as an important psychological hurdle on the financial market, while German Economics Minister Werner Mueller described the equal exchange as "positive."

The European Central Bank (ECB) declined to comment on the latest development of the exchange market.

On July 11, ECB Vice President Lucas Papademos expressed his welcome to the improvement of the euro, saying it coincided with the interests of the 11-nation euro zone.

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