Euro slumps as Bush takes White House

Published November 8th, 2000 - 02:00 GMT

The euro dived against the dollar in Tokyo Wednesday after US television networks projected Republican George W. Bush had taken the presidency. 

 

The euro slumped to $0.8566 around 4:15 pm (0715 GMT) in Tokyo, immediately after networks declared Bush had defeated Democrat Vice President Al Gore in the state of Florida to take the White House keys.  

 

The currency was trading at $0.8606 15 minutes earlier.  

The euro had a roller-coaster ride in Tokyo trading, soaring to nearly $0.87 earlier on hopes for a Gore victory in the knife-edge presidential election.  

 

The euro had risen because "the market thinks if (Gore) wins, then the possibility of intervention by the US as well (as Europe) would grow," ABN Amro foreign exchange manager Toshihiko Masaki.  

 

"If Bush wins, a laissez-faire forex intervention policy would be back, which would not be good for the euro," he said just prior to the networks' announcement.— (AFP)  

 

© Agence France Presse 2000  

 

© 2000 Mena Report (www.menareport.com)

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