Euro Hits New Four-Year High Above 1.18 Dollars

May 23, 2003

LONDON (AFP) - The euro rose to a new four-year high above 1.18 dollars as the US currency resumed its year-long downturn against the euro-zone unit.
 
The single European currency rose to 1.1808 dollars from 1.1699 dollar late on Thursday in New York, breaking above the symbolic 1.18-dollar threshold for the first time since January 1999.

"The market has managed to push through the 1.1750 dollar resistance level and a lot of stop loss buying has taken it higher," said ABN Amro analyst Rob Hayward.

"It's a holiday in the US and in London on Monday, so maybe people are just trying to push it higher ahead of that," he added.

The latest spurt higher came just days after the single European currency rose above the 1.1665-dollar level at which it was fixed on December 31, 1998 ahead of its debut on foreign exchange markets.

The euro immediately opened at 1.1747 dollars on the first day of trade, four days later.

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