Euro recedes from 8-month high above $1.40 amid warnings of international currency war
By APFriday, October 8, 2010
Euro retreats amid warnings of currency war
BERLIN — The euro is down slightly from the previous day’s eight-month high, to below $1.40, as world financial leaders warn countries not to take unilateral actions to weaken their currencies.
The 16-nation euro traded at $1.3901 in European morning trading Friday, down from $1.3920 in late London trading Thursday and well below the eight-month high of $1.4028 earlier that day.
World financial officials cautioned that competing devaluations of national currencies could threaten the global economic recovery. Meanwhile, expectations of economic stimulus from the Federal Reserve have also helped pushed the dollar down.
The British pound fell to $1.5832 from $1.5928, while the dollar strengthened to 82.34 yen from 82.12 yen.
