No rate hike as euro continues to soar

THE European Central Bank (ECB) left its main interest rate unchanged at a six-decade European low of 2% yesterday after its monthly meeting in Frankfurt.

Its decision did little to dent the euro which hit $1.3385 in early trading, the highest level since its introduction almost six years ago.

Later it eased somewhat as currency traders thought the dollar was over-sold. By early afternoon it was trading somewhat lower at $1.3325, with no end in sight to the euro’s ongoing rally.