Corporate foreign exchange news

Foreign exchange news: Currencies on the agenda at ECB meet

Tuesday, 20 October 2009 08:47:32 GMT

The appreciation of the euro was on the agenda for the meeting between finance ministers and the European Central Bank (ECB) in Luxembourg last night (October 19th).
The start time for the talks had to be pulled back until 17:00 and moved to a castle after a protest by European dairy farmers disrupted proceedings at the original venue.
Speaking to Reuters ahead of the meeting, Austrian finance minister Josef Proell stated that while his counterparts were keen to talk about the euro's position in international currency markets, the issue would not define the so-called Eurogroup summit.
"It's clear that in the future, in the next months, we have to have a look at the euro compared to the US dollar, compared to the Chinese currency, but it's not the main focus," he clarified.
Mr Proell's comments came as the euro flirted with a 14-month high against the dollar, with the single currency trading within half a cent of $1.50 at midday.ADNFCR-2522-ID-19416301-ADNFCR
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