// $$$ Gains on EURO //

// UPDATE //: Holland voted against consitution as well. England postponed vote and Euro has fallen to 1.22 to the dollar.

Euro hits 7-month low after France's 'no' vote
Decision could make investors wary of European investments
The Associated Press
Updated: 6:04 p.m. ET May 30, 2005
PARIS - France’s resounding “no” vote to the EU constitution sent the euro currency to a seven-month low against the dollar Monday, but analysts said it could be months before investors get the full measure of the emotionally charged vote and its likely fallout.
Stock markets took the constitution’s defeat in stride, and there were few signs of the economic cataclysm doomsayers had predicted would follow a referendum defeat for Europe’s latest integration blueprint.
“It’s business as usual in practical terms,” said Lorenzo Codogno, co-head of European economics at Bank of America in London.
Investors will nevertheless be watching closely for any “change in direction in terms of the European integration project,” Codogno said. “But it’s not the kind of reaction you expect within two days — it will take probably weeks or months to assess what are the implications of this vote from a political standpoint.”
The euro fell as far as $1.2466 in afternoon European trading, its lowest level since mid-October and more than a cent below the $1.2575 it bought in New York late Friday.... Link to full story.


TIMING COULDN'T BE BETTER