LONDON, Dec 29: The euro rose to another record of $1.3648 in early trading on Wednesday and then eased on profit taking and technical factors in a thin market to settle in late trading at $1.3569.
The dollar was being quoted at 104.15 yen from 103.03 late on Tuesday. The euro broke early above its previous record of $1.3644, reaching $1.3648, in trading marked by the re-opening of London financial markets after Christmas holidays.
An economist at CIBC bank here, Audrey Childe-Freeman said: "The day on the foreign exchange market has been very erratic. There were not many buying orders and this increases and exaggerates movements."
The euro has risen by 2.75 per cent against the dollar since December 15 and by about 16.0 per cent from the lowest point reached in 2004, in April. By contrasts the yen and pound fell against the dollar and also fell sharply against the euro.
The single European currency rose to its highest level against the pound since November 2003 and since December 1998 against the yen. Childe-Freeman commented: "The euro has broken above very important technical thresholds and benefited from publication of good indicators for the euro zone."
This was a reference to strong data for the housing market. The price of gold was fixed at $440.25 an ounce from $441.10 late on Friday. -AFP
