Euro drops against USD

The euro was weaker against a number of currencies Wednesday even after the president of the European Central Bank insisted that fighting inflation is the most important issue driving monetary policy in the Eurozone.

It took $1.4570 to buy a euro, but by just after noon in New York, the euro had come back a bit and was trading at $1.4561 to the euro.

At the same time the Swiss franc, which was stronger in relation to all major currencies, was at SFr1.5887 to the euro

The Swiss franc and the yen both gained versus all major currencies as investors continued to avoid making risky deals.

In early afternoon trade, the yen was at ¥153.5727 versus the euro while it traded at ¥105.4650 to the dollar and at ¥205.6670 to the pound.

The pound was weaker versus the US dollar, trading at $1.9501 to the pound just past noon in New York, after a new report showed that the UK economy’s growth in the fourth quarter of last year was at its slowest pace in over a year.

The report added to sentiment toward another UK interest rate cut soon.

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