The European currency, currently legal tender in 13 states of the European Union, subsequently declined slightly to $1.4830. The European Central Bank set its reference rate Tuesday at 1.4785. Traders attributed the decline in the US currency to pessimistic predictions from the US Federal Reserve, following the crisis in the US mortgage market. The oil price also rose to a new record, US light crude hitting $99 in Asian trade Wednesday. (m&c.com)
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