LONDON, March 24 ― The euro fell sharply against a strengthening dollar today amid nervousness over banks, with better-than expected economic data failing to lift...
LONDON, March 24 ― The euro fell sharply against a strengthening dollar today amid nervousness over banks, with better-than expected economic data failing to lift sentiment.
That was well above the 50 mark separating growth from contraction and above all forecasts in a Reuters poll. Fuelling concerns about the overall stability of Europe's banks, Deutsche Bank shares fell 14 per cent. The pound touched a seven-week high of US$1.2341 yesterday in volatile trading after the Bank of England raised interest rates by 25 bps, but said a surprise resurgence in inflation would probably fade fast, stoking speculation it had ended its run of hikes.
Banking stocks have been battered this month following the sudden failures of two regional US lenders and the emergency sale of embattled Swiss bank Credit Suisse to rival UBS.
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