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Euro Weakens Against Dollar

Observers of the world?s currencies trade noted the dip the European common currency, known as the euro, took against the dollar on Tuesday, falling to a level where one euro equaled $1.2725 American dollars. Currencies trade analysts also noted the rise the U.S. dollar made against the Japanese yen, with one dollar exchanging for 114.17 yen, up from one dollar in the currencies trade equaling 114.10 yen. The rise in strength of the dollar to the yen was credited to worries of an increase in the Japanese interest rate when that country?s central bank meets Friday.

While some data coming out of the U.S. indicated that the economy was slowing down, the absence of increased tensions over Iran has eased oil fears somewhat, and the slight rise of the dollar against the euro in currencies trade came despite announcements from the European Central Bank that ?strong vigilance? would be maintained against rising inflation. Current exchange rates on the world?s currencies trade market are as follows: one U.S. dollar equals 1.64 New Zealand dollars, 1.34 Australian dollars, 1.12 Canadian dollars, and 7.99 Chinese Yuan.

Middle Eastern currencies trade rates from the dollar and euro to local currencies were, as of July 10, 2006, one U.S. dollar equaling 5.75 Egyptian pounds, 4.39 New Israeli Shekels, 0.71 Jordanian dinars, .29 Kuwaiti dinars, and 3.75 Saudi Arabian riyals. As for the euro, as of July 10, 2006, one euro equaled 4.78 Saudi riyals, .37 Kuwaiti dinars, .9 Jordanian dinars, 5.6 Israeli shekels, and 7.33 Egyptian pounds. The United Kingdom currency, the pound sterling, stood at one pound equaling $1.84 U.S. dollars on the currencies trade market.