Euro falls back against the dollar

THE euro fell back yesterday, cutting into its recent rally against the dollar, on the back of poor economic news.

After scaling new four-year highs on Tuesday, a German report showing unemployment had plummeted to its highest level in five years, sent the euro lower and it closed at €1.1344 against the dollar.

Irish business interests breathed a sigh of relief at the brief respite from the euro’s uphill climb but acknowledged the threat to the competitiveness of Irish companies exporting abroad had not yet receded totally.