Euro Hits New 16-Month Low Against Dollar
The European Union’s common currency, used by 17 nations, dropped as low as $1.2647 and traded recently at $1.2657. It had closed at $1.2814 on Thursday.
The drop occurred amidst credit rating downgrades of multiple countries in the EU. On Friday, Standard & Poor’s lowered France’s rating to AA+ from AAA+. Germany’s AAA+ rating will remain unchanged, as will Greece’s CC rating.
The 2011 highs for the euro were ¥123.33 and $1.4940.