US corporate bond issues weigh on euro

MARKET NEWS

The euro gained from some gloomy US data last week, but the effects were short-lived, writes Matthew Clements, economist at Prebon Yamane in London

A spate of dollar-denominated US corporate bond issues at the beginning of last week helped euro/dollar push below the 0.89 level for the first time in seven weeks. Since mid-September, the Dow has gained around 15%; this compares with a 27% gain for the German Dax and a 22% rally by the French Cac 40. This relatively strong performance by Europea