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Markets & Stocks
Euro skids to record low
August 31, 2000: 1:12 p.m. ET

Sagging currency continues downward move despite ECB rate boost
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NEW YORK (CNNfn) - The euro sank to another record low at 88.40 cents against the dollar in intraday trading Thursday despite an earlier rate hike from the European Central Bank.

With an environment of moderating growth rising price pressures, Europe's 20-month-old currency was struggling. Its previous all-time low was 88.45 cents set May 4.

In contrast, the U.S. economy continues to strongly outperform Europe with low inflation and with the perception the Federal Reserve is well on its way toward engineering a soft landing.

Early in the day, the European Central Bank (ECB) raised its benchmark rate by a quarter-percentage point to 4.5 percent, in line with expectations. But analysts said the action did nothing to enhance the ailing currency's appeal.

"The euro's performance illustrates the ECB rate raise in no way altered the fundamental landscape for the currency markets, said Alex Beuzelin, senior market analyst at Ruesch International. Back to top

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