Euro Falls to Two-Year Low
By Paul Riegler on 3 December 2014
The euro hit a two-year low in trading on Wednesday. The common currency for much of Europe was down 0.5% to $1.2311 as of 11:55 a.m. Eastern Time, its lowest point since August 2012.
The dollar’s dramatic gain is being attributed in part to the 40% drop in oil prices since June of this year.
The dollar also reached a seven-year peak against the yen, trading at ¥119.48, its strongest since August 2007, and up 0.2% on the day.
Meanwhile, the pound gained against both the euro and the U.S. dollar on good economic news, hitting 1.2687 and 1.5652 respectively.
Elsewhere, the Russian ruble, which had hit an all-time low against the dollar, rose slightly.
(Photo: Accura Media Group)
