THE TELEGRAPH/Money: The euro has reached an all-time high against the yen and surged to $1.35 against the dollar, setting the stage for a battle between French politicians and the European Central Bank for control of the currency.
Jean-Claude Trichet, the ECB's president, gave a virtual guarantee that interest rates would be raised again to 4pc in June, narrowing the yield gap with the US. "I would not say today anything aimed at changing expectations for the month of June," he said.
Global currencies are going through a major realignment as Europe takes over as the engine of world growth and the US starts to trip, setting off an exodus from dollar assets. Super-euro may spark a currency war while French battle the ECB by Ambrose Evans-Pritchard
Mark Alexander
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