By Ralph Atkins in Frankfurt
Financial Times December 27 2006 The US dollar bill's standing as the world's favourite form of cash is being usurped by the five-year-old euro.
The value of euro notes in circulation is this month likely to exceed the value of circulating dollar notes, according to calculations by the Financial Times. Converted at Wednesday's exchange rates, the euro took the lead in October. |
By Ralph Atkins in Frankfurt
Financial Times December 27 2006 On January 1, 2007, Europe celebrates the fifth anniversary of the launch of euro notes and coins by welcoming a thirteenth member of the eurozone - Slovenia, the tiny former Yugoslav republic. But the eurozone's geographical expansion is modest in comparison with the rapid growth in euro notes in circulation within the region and beyond.
Earlier this month, the value of euro notes pushed through the €600bn (£402bn; $787bn) level - roughly double the value of the then-national currencies in circulation at the end of 2001. The signs are that in December the currency came of age by overtaking the US dollar in terms of the value of notes in circulation. The figures used for the comparison by the Financial Times include notes held in the vaults of commercial banks but exclude reserves of notes held by central banks. |
AFP
27 Dec 06 The dollar fell amid news that the United Arab Emirates was diversifying its reserves, but recovered somewhat after better-than-expected data on the US housing market.
At 2200 GMT, the euro fetched 1.3116 dollars, from 1.3097 dollars late Tuesday in New York. The dollar fell to 118.83 yen from 119.12 yen late Tuesday. Patrick Fearon at AG Edwards said the greenback was hurt by a report that the UAE plans to convert eight percent of its foreign-exchange reserves from dollars to euros by late 2007. |
By Kabir Chibber
Bloomberg 27 Dec 06 The dollar dropped the most in a week against the euro as the United Arab Emirates said it will convert some of its reserves of U.S. assets into the European currency.
The dollar also had its biggest decline versus the yen this month before a U.S. report that may show consumer confidence fell for a third straight month, fueling bets the Federal Reserve will lower interest rates next year. The U.S. currency has slipped 9.9 percent versus the euro this year, its first slide since 2004. "The U.A.E.'s decision to relocate its reserves is part of a theme that means that U.S. dollar holdings in global currency reserves are decreasing,'' said Hans Guenter Redeker, head of currency strategy in London at BNP Paribas SA. "The dollar is going to lose support as we see Fed rate cuts next year.'' |
MSNBC
25 Dec 06 WASHINGTON - The tally for Hurricane Katrina waste could top $2 billion next year because half of the lucrative government contracts valued at $500,000 or greater for cleanup work are being awarded without little competition.
Federal investigators have already determined the Bush administration squandered $1 billion on fraudulent disaster aid to individuals after the 2005 storm. Now they are shifting their attention to the multimillion dollar contracts to politically connected firms that critics have long said are a prime area for abuse. |
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