Michael Dicks European economist at Lehman Brothers said: There is a lot of momentum building in the market and

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Michael Dicks, European economist at Lehman Brothers, said: "There is a lot of momentum building in the market, and no sign of resistance from the ECB." He said Mr Duisenberg's comments were "too little, too late", nor was there much chance that the ECB would intervene directly to prop up the euro.Traders are expected to use today's US jobs market figures as an excuse to drive the euro lower still if, as expected, these show that the American economy is still delivering impressive non-inflationary growth.Currency analysts at JP Morgan noted in a report yesterday that the euro is now at its lowest in real terms (compared with its component currencies) since 1985, due to the underperformance of the Euroland economies. The bank left rates unchanged after its council meeting yesterday.A majority of economists believe that the currency will rebound to reach $1.02 in a month's time, according to a survey yesterday.However, few analysts ever expected it to fall as far as it has in the first place. Separately, an EU official said that statements by Germany's Chancellor were contributing to the euro's decline.Robert Mundell - winner of this year's Nobel economics prize, whose research prefigured the European single currency - had urged the ECB earlier yesterday to intervene to prevent the dip below parity. He was reported in the Belgian press as saying that a decline below that psychological barrier would erode public confidence in the single currency.The ECB is not expected to raise interest rates again until the middle of next year, following a half-point rise earlier this month. "Overall, relatively wide growth differentials between the major world economies will give way to a more balanced scenario, thereby underlining the scope for the euro to appreciate," he said.But Mr Duisenberg added: "Whatever I say, whatever I do, the euro continues its movement, so perhaps I am best advised not to say anything."The central bank also made a rare attack on Germany, blaming its government for helping to create the image of a Europe hostile to free trade. Wim Duisenberg, the president of the ECB, admitted that he would be worried if the currency did not appreciate over time, although he added that its weakness would not by itself trigger higher interest rates.The ECB president said that the recovery in the Euroland economies would help to take the currency higher. The euro has plunged 16 per cent from its first day of trading on 4 January, when it reached a high of $1.1886.

Its previous low was $1.0039, reached last Friday. The European Central Bank declined to intervene to protect the euro. The single currency reached parity at 8.47pm UK time and then slipped to $0.9995 before bouncing weakly back to $1.0020. THE EURO briefly dipped below parity with the US dollar in New York trading last night, touching a new lifetime low of $0.9995. Last night he hosted his Christmas party attended by Tony Blair and other political and business leaders.

BSkyB is expected to pay between pounds 300m and pounds 600m for the stake in Premiere in what would be its first investment on the Continent.. Mr Murdoch, the BSkyB chairman, is in London meeting the satellite broadcaster's board of directors. Murdoch set for Euro Premiere RUPERT MURDOCH could announce as early as today a deal to buy 25 per cent of Premiere World, the German pay-TV operator owned by Kirch Group. But that is a guess, nothing more.The interesting thing about this Christmas, though, is that it gives us a taste of the future. Nice, isn't it, to glimpse that while celebrating something that happened 2,000 years ago.. My guess is that it adds both to productivity growth and to deflation. If that is right, there will be a long period of stable or falling prices in which people will get richer largely as a result of these lower prices rather than by earning higher wages - a period not unlike the last quarter of the last century.