A Whole New Currency Game
It's not every day that you can see just how currency markets work in the New Economy. Feb. 3 was one such day, though. When the European Central Bank hiked euro zone rates a quarter point at 11:30 a.m., the euro defied convention and dropped against the dollar. But when news emerged later in the day that British mobile giant Vodafone AirTouch PLC was about to prevail in its $183 billion takeover of German rival Mannesmann, the euro advanced nearly 2.5 cents against the dollar, to 99.5 cents.
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