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Central bankers are refining their battle plans for coping with the upheaval that an Iraqi war could cause in financial markets and their economies.
THE euro strengthened further against other major currencies yesterday as investment money poured into euro deposits following the European Central Bank's (ECB) decision to leave interest rates unchanged at 2.5%.
B>NEW YORK: /B>Factory activity in the United States and Japan improved in June while Europe's manufacturers suffered a deeper contraction, the latest surveys showed, underscoring how the euro's export-choking rise against major currencies has brought yet more pain to the euro zone economy.
German Chancellor Gerhard Schroeder suggested in an interview published Friday that the European Central Bank should do more to weaken the euro against the U.S. dollar, a call that followed the bank's decision to leave interest rates unchanged.
Europe is concerned about 'brutal' currency movements, said European Central Bank (ECB) chief Jean-Claude Trichet, but a meeting of the world's top central bankers here did not discuss the US dollar's rapid slide as a risk to global economic recovery.