Euro Hits 22-Month Low Against Dollar

By Paul Riegler on 26 May 2012
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As trading in New York drew to a close on Friday, the euro had fallen 2.1% for the week, going as low as $1.2496 euro austriabefore recovering to $1.2517.  It closed at its weakest level since July 2010.

The common currency of 17 European nations it declined against the yen for the fifth week in a row and dropped 1.2% to ¥99.75 falling below ¥100 for the first time since February.

The slide was caused by fears of the likelihood of Greece’s exit from the currency union, as investors believe the move would be devastating if it occurs.  Greece’s anti-bailout party gained in the polls in advance of the June 17 election and the debt crisis intensified in Spain as well.

The British pound dropped against the U.S. dollar this week as well, hitting $1.5648, a 1.5% decline, and the Japanese currency fell 0.8% to ¥79.68 per US dollar.

The euro celebrated its 10th anniversary at the beginning of the year, but the occasion was observed quietly given the ongoing euro crises.

Accura News

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