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Euro Proved No Match For Mighty Dollar.(A)(EURO-YE)
By The Associated Press
It was a shaky year for Europe's common currency.
Once vaunted as the continent's counterweight to the mighty dollar, the fledgling euro tested nerves with a nonstop slide against its trans-Atlantic rival - bottoming out around 82 cents in October, more than 20% below the high of $1.04 attained in January.
Despite its tumble, the scrappy euro fought back and is clinging to a recovery in the 90-cent range.
"It's a year
that finally got better," said Petra Koehler, an economist with Dresdner Bank in Frankfurt, Germany. Bullish on the euro, Koehler predicts it could climb to parity with the dollar by midsummer as the European economy gradually catches up to America's.
That's not how things looked at the beginning of 2000.
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