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2008.12.1712:12:00UTC+00Euro Continues To Surge On Other Majors

The euro continued its assault on other majors on Wednesday in New York, reaching a multi-month high against the dollar and another record versus the pound.

The euro extended its 2 1/2 month high against the dollar to 1.4436. The European currency has risen more than 20 cents off October's two-year low of 1.2328, having re-tested that mark in late November.

Traders continued to digest the Federal Reserve's decision to establish a target range for the federal funds rate from zero to one-quarter percent Tuesday, bringing the target to its lowest level in over 50 years.

The European currency continued to batter the pound, pushing its record high to 0.9292. Wednesday, the minutes of Bank of England's latest rate revealed cut bigger than 100 basis points was considered. The euro has surged on its UK rival as European officials have been dragging their feet on an accommodative policy.

The euro surged to a 3 1/2 week high against the yen, touching 1.2618. The European currency reached a multi-year high of 1.7368 versus the oil-linked loonie.

On the economic front Wednesday, the Eurostat announced that the Eurozone annual inflation dropped to 2.1% in November 2008 from 3.2% in October. The rate was in line with the preliminary estimate. Month-on-month, consumer prices dropped 0.5% in November, in line with economists' expectations.

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