Euro Peaks against Dollar

Yesterday’s figures became the highest since 1999. The rate reached 1,3007 the day before. Experts believe that the fall of the dollar stems from high current deficits in the US budget as well as its trade deficits.

The dollar’s position will be taken up at a G-20 meeting in Berlin over the weekend. Including the G-7 industrialized countries and Turkey, the G-20 meeting will discuss global measures to stop the seven month of devaluation of the dollar.

In response to the falling dollar, US Treasury Secretary John Snow has announced that the priority of Bush’s second term will be reducing the budget deficit. In a speech prepared for London’s Royal Institute of International Affairs, Snow said that the high current deficit "is a shared responsibility," which the US can not reduce alone, though they would intensify steps to reduce it.