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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 and the Australian dollar continued to strengthen against the US dollar yesterday as investment money looked for better-yield assets. In early London trade, the euro hit a four-year high of US$1.1073, and the Aussie a three-year high of 62.19 US cents.
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%.
Australia#8217;s central bank said yesterday it may follow its peers in cutting interest rates if the global economy did not improve, shifting to an easing bias from a neutral stance in place since last November.
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.