Euro All-Time High
July 10, 2007
The euro, boosted by investors buying up the single currency on prospects of higher euro-zone interest rates and concerns about the health of the US economy, reached $1.3740 a day after it had set a new record of 168.51 yen. The euro's previous record peak of $1.3682 was set on April 27.
The British pound also hit a 26-year high of $2.0275.
The euro’s record-breaking performance against the dollar came just before Federal Reserve Chairman Ben Bernanke was due to make a crucial speech about the ailing greenback; currently being battered by the state of the troubled US housing sector, inflation and the job market in the world's biggest economy.
Euro club welcomes new members
Tuesday's record came as the Mediterranean islands of Cyprus and Malta were given the go-ahead to adopt the euro on Jan. 1, 2008, swelling the ranks of the euro currency club to 15 members.
The European single currency -- the common currency of the 13-member euro zone -- was created on Jan. 1, 1999.
The 12 countries that joined from its inception were: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.
Slovenia joined at the beginning of 2007, following its admission to the European Union in 2004, becoming the first former communist state to adopt the euro.