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<i>Yahoo - Euro vulnerable to more selling ahead of G7 meeting</i><br>
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ze=10 name=s><input type=submit value="Get Quotes"></td></tr></table></td></tr></form></table><b>Friday September 15, 4:37 pm <small>Eastern Time</small></b><h2>Euro vulnerable to more selling ahead of G7 meeting</h2><!--rf|969050220-->
<!-- TextStart -->
<p>By
Maggie
Lake<p>NEW
YORK,
Sept
15
(Reuters)
-
European
policymakers'
unsuccessful
attempt
to
rescue
the
tumbling
euro
has
left
the
currency
vulnerable
to
further
losses
in
the
run-up
to
next
week's
Group
of
Seven
meeting,
currency
strategists
say.<p>The
battered
currency
closed
the
week
at
fresh
record
lows
even
after
the
European
Central
Bank
(ECB)
tried
to
throw
its
currency
a
lifeline,
announcing
it
would
buy
2.5
billion
euros
with
interest
earned
from
its
foreign
exchange
reserves.<p>``If
this
were
a
poker
game,
you
would
have
to
say
the
ECB
is
playing
poorly
with
a
weak
hand.
The
market
is
not
impressed,''
said
Marc
Chandler,
chief
currency
strategist
at
Mellon
Bank
in
New
York.<p>Having
fallen
as
low
as
85.34
cents
on
Friday,
traders
say
a
move
by
the
euro
<EUR=>
to
81
or
82
cents
is
in
sight.<p>With
its
own
rescue
efforts
faltering,
the
ECB
is
unlikely
to
get
much
help
from
its
global
partners
as
the
world's
seven
most
industrialised
nations
prepare
to
convene
in
Prague
next
weekend.<p>``There
is
still
a
lot
of
scepticism
that
the
U.S.
would
want
to
intervene
to
strengthen
the
euro
and
weaken
the
dollar
ahead
of
the
U.S.
Presidential
election,''
said
Eric
Nickerson,
currency
strategist
at
Bank
of
America.<p>``One
can
make
a
better
case
for
Bank
of
Japan
and
ECB
getting
together,
but
it
doesn't
make
a
lot
of
sense
until
repatriation
flows
associated
with
mid-year
book
closing
for
the
Japanese
are
out
of
the
way,''
he
added.<p>DANISH
POLLS
ADD
TO
EURO
WOES<p>Traders
say
fears
that
Denmark
may
again
vote
against
joining
the
currency
union
in
a
Sept.
28
referendum
could
further
shake
the
market's
faith
in
the
euro.<p>Polls
currently
say
the
``No''
camp
holds
a
slim
lead
over
``Yes''
in
the
closely
contested
battle,
and
traders
say
headlines
like
that
will
keep
the
euro
on
the
run.<p>``Psychologically
a
'No'
vote
would
be
a
negative,
it
adds
to
euro
scepticism,''
said
Tim
Fox,
currency
strategist
at
Standard
Chartered
Bank.<p>Already
in
1992,
Denmark
voted
against
joining
the
11
nations
that
adopted
the
euro
as
their
currency
in
1999.<p>DATA
MIGHT
HELP<p>European
data
due
out
next
week,
including
the
closely
watched
German
Ifo
business
sentiment
survey,
may
present
a
slim
chance
to
offset
some
of
the
gloom
surrounding
the
euro,
analysts
say.<p>Unexpected
weakness
in
the
last
two
Ifo
surveys
raised
concern
about
European
growth
and
hurt
the
euro.
This
month
could
reverse
that.<p>``If
we
have
a
little
improvement
in
the
Ifo
and
the
World
Bank
outlook
suggests
a
more
bullish
eurozone
relative
to
the
U.S.,
the
fundamental
story
should
be
pretty
supportive,''
said
Eric
Nickerson.<p>Germany's
Ifo
business
climate
survey
for
August
is
due
out
on
Wednesday
and
economists
expect
it
to
rise
to
99.3
after
a
surprise
dip
in
July
to
99.1.<p>One
day
later,
the
World
Bank
and
International
Monetary
Fund
kick
off
their
annual
meeting
in
Prague.<p>Analysts
say
stronger
European
data
may
have
more
of
an
impact
if
America's
bright
outlook
pales.<p>For
example,
U.S.
companies
such
as
Colgate-Palmolive
Co.
(NYSE:<a
href="http://finance.yahoo.com/q?s=cl&d=t">CL</a>
-
<a
href=/n/c/cl.html>news</a>)
have
recently
come
under
pressure
amid
concerns
the
dollar's
strength
against
the
euro
will
bite
into
corporate
earnings
and
data
has
shown
overall
growth
is
slowing.
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