Wall Street has begun trading in the Euro, which has been performing strongly in markets in Europe, Asia and Australia. The currency is currently being quoted at one US dollar and 18 cents in New York the same value, barring small fluctuations, as in other world markets.
New York currency traders say activity has been thin because they want to try out the new currency slowly. Trading globally has also been relatively subdued as investors are cautious about rushing into deals in the new currency and banks continue to check that their systems were coping with the conversion.
In Dublin, the ISEQ index of Irish shares has been rising steadily throughout the day.
The European Commission President, Jacques Santer, said a new era has begun and he told reporters that he was very satisfied with the Euro's opening performance.
During trading in the Far East and Australia earlier, the Euro rose slightly against its expected value before falling back slightly in cautious trading.
The new currency also made its debut on the London market, the biggest foreign exchange market in the world, outside the Euro zone.
Its early success in London has been welcomed by Britain's beleaguered exporters who have been hit hard by the strong pound. Dealers reported the Euro was trading up at about 71.14p against the pound Sterling this morning compared with approximately 70.7p last night.
The Bank of England said it had been a very steady, very calm opening and the markets were functioning well.
The European Central Bank, which is co-ordinating the international conversion project, said it hadn't encountered any problems that could impede a smooth start for the Euro.
Banks and other financial institutions in Ireland and elsewhere have spent the weekend adjusting their systems to deal with the new currency. Staff members at the Central Bank in Dublin were at their desks by three o'clock this morning to prepare for dealing with the launch of the Euro.
