Unicorn Ventures Comment on Euro Gains as Reserve Choice
Unicorn Ventures analysts feel that euro could replace U.S. Dollar as favoured reserve currency.
/24-7PressRelease/ - January 30, 2008 - Unicorn Ventures, the Lisbon based firm, have reportedly stated that they strongly believe in the possibility that the euro could replace the U.S. dollar as the reserve currency of choice.
According to sources a spokesman from within the ranks of Unicorn Ventures commented that while the dollar is still slightly ahead in its use as a reserve currency, it doesn't have all that much of a greater advantage anymore.
With so many reports of the euro soaring against the U.S. dollar in recent weeks, hitting all-time highs as the dollar has fallen on turbulent market conditions stemming from the ongoing U.S. subprime crisis, Unicorn Ventures researchers apparently said that at the end of 2006, some 25 percent of all currency reserves held by central banks were held in Euros, compared to 66 percent for the U.S. dollar.
Sources have reported that Unicorn Ventures analysts are of the opinion that the increased usage of the euro as a reserve currency has led to a lowering of interest rates in the euro zone, which has undoubtedly contributed to the current European economic growth.
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