Euro is on strong side, IMF says by (Steve Goldstein)

LONDON (MarketWatch) -- The euro is on the "strong side" relative to fundamentals, the International Monetary Fund said in a report noting the success of the shared currency after 10 years. Growth will likely slow "substantially" this year before re-accelerating toward trend during 2009, the IMF said, arguing that many IMF directors thought the European Central Bank should keep rates on hold. Others emphasized the importance of the ECB remaining vigilant in the face of the possibility of accelerating labor costs next year.