Forex
Sans support, euro plumbs new lows
MARKET expectations that the Group of 20 meeting in Montreal would at least express concern at the plunging euro were belied when the single currency's woes were not even mentioned in the joint communique. With weak economic data pressing the euro down, the fear of intervention by the central banks had alone kept the market from testing the pain threshold of the European Central Bank (ECB); with the intervention jitters receding, the market dumped the euro to a new life-time low of $0.8225 against the U S dollar and 88.97 against the Japanese yen on Thursday. The pound sterling followed the euro to the week's low of $1.4187 from a high of $1.4802 touched on October 13. The dollar moved in a narrow range of 1-1/2 yen against the Japanese currency with it s upside capped just above yen 1.09 per dollar.

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