July 31, 2003	Thursday	Jumadi-ul-Awwal 30, 1424

LONDON, July 30: The euro dropped below $1.14 in late London trading on Wednesday as the currency market appeared to catch up with a recent fall in bonds, analysts said.

The single European currency was at $1.1368 from $1.1437 late on Tuesday in New York.

The dollar stood at 120.52 yen against 119.89 on Tuesday.

“The broad picture is that foreign exchange is now catching up with the movements in bonds and equities over the past few days,” said Adam Cole, senior currency strategist at Credit Agricole Indosuez.

The dollar’s rise comes despite data on Tuesday showing a surprise fall in US consumer confidence in July.

The euro was changing hands at $1.1368 from 1.1437 late on Tuesday in New York, 137.00 yen (137.10), 0.7032 pounds (0.7042) and 1.5494 Swiss francs (1.5456).—AFP