07 Apr '11, 10pm

Euro slips after expected rate hike: NEW YORK - The euro eased against the dollar Thursday after the European Ce...

Euro slips after expected rate hike: NEW YORK - The euro eased against the dollar Thursday after the European Ce...

NEW YORK - The euro eased against the dollar Thursday after the European Central Bank did what everyone had expected and raised interest rates for the first time since they hit a low almost two years ago. After flagging the coming move for two months as an anti-inflation gesture, the ECB upped its base "refi" rate by 0.25 percent to 1.25 percent. It had stood at a record-low 1.0 percent since May 2009. Despite financial problems faced by peripheral eurozone members Greece, Ireland and Portugal -- which could be hurt by higher rates -- the ECB sent a message to markets that price stability, rather than debt worries, is its top priority. The euro had run up steadily in advance of the move, hitting its highest level against the dollar in over a year Wednesday at $1.4332. At 2100 GMT Thursday it sat at $1.4306. "Having bought the rumor of an European Central Bank rate hike, ma...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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