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Euro Climbs to 28-Month High Against U.S. Dollar
The European Central Bank's decision not to lower interest rates has helped pushed the euro to $1.39 against the American dollar, its strongest since October 2011.
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The European Central Bank's decision not to lower interest rates has helped pushed the euro to $1.39 against the American dollar, its strongest since October 2011.
The euro has been gradually strengthening against the dollar since mid-2012.
The ECB has maintained its prime overnight lending rate at 0.25% since November. Many analysts speculated the bank might reduce the rate because of the tepid pace of the eurozone's economic growth.
But stronger-than-expected 0.3% growth in the final quarter of 2013, coupled with improving indexes of business activity this year, may have convinced the ECB that additional economic stimulation won't be necessary.
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