04/24/2008 05:12 am ET Updated May 25, 2011

Euro Nears Record $1.60 Mark

The euro hit a record high against the dollar and the pound on Wednesday after data showed eurozone inflation hits its highest level since the introduction of the single currency.

Official figures showed the eurozone's harmonised index of consumer prices rose from an annual rate of 3.5 per cent in February to 3.6 per cent in March.

The European Central Bank - in contrast to the Federal Reserve and Bank of England - has steadfastly refused to cut rates in response to signs that the fallout from the credit crisis was spilling over into the real economy.

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