Euro trades low against the dollar as Trichet rules out anymore hikes |
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The euro headed for a weekly decline against the dollar on speculation a weakening European economic outlook will rule out future interest-rate increases. The Euro traded near a one-week low against the dollar after European Central Bank President Jean-Claude Trichet said he has ``no bias'' and that economic growth is ``not flattering,'' following the ECB's decision to raise borrowing costs yesterday. The euro touched a one-week low of $1.5675 and is currently trading at $1.5704 as of 7:30 am,
Filed under: Technical
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