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Tuesday, November 08, 2005
  Euro Falls to 2-Year Low Vs. Dollar
Time for bailout of Europe. The euro fell to a nearly two-year low against the U.S. dollar on Tuesday on concerns over the ongoing violence in France and as traders looked for the gap to widen between key European and American interest rates.

The market has been affected by uncertainty over which policies a new coalition government in Germany will follow, and rioting in France, the worst civil unrest in that country in decades.

The violence in France continued for a 12th straight day overnight, as rioters in the southern city of Toulouse ordered passengers off a bus and then set it on fire and pelted police with gasoline bombs and rocks. Youths torched another bus in the northeastern Paris suburb of Stains. Though the political situation in Berlin and the riots haven't been driving markets as much as the interest rates, they are on traders' minds, Hughes said.

"It's all small bits of background news that are lingering uncertainties," he said. "Obviously it's not very good news flow, and although it is not being acted on actively, it's a depressing thing for anyone watching."

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