Thursday, May 26, 2005

Euro dropping, No vote grows in France.

EU: French officials already stating the vote is lost as the blame game gets bitter and bigger.

May 26 (Bloomberg) -- The euro fell against the dollar after Agence France-Presse reported that a poll showed French voters' opposition to the European Union constitution has increased before a referendum on May 29. The euro also dropped against the yen and British pound after AFP said the poll for Le Monde, RTL and LCI television showed opposition rose 1 percentage point to 54 percent. Former finance minister Nicolas Sarkozy told French Prime Minister Jean-Pierre Raffarin the campaign is lost, the Times of London reported earlier today. ``People are walking in this morning in Europe and seeing these stories, and now the margin for a no vote is increasing substantially,'' said Simon Derrick, a currency strategist at Bank of New York in London. ``This is piling additional downward pressure on the euro.''

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