Euro: The Endless Pit in 2010
The euro has just touched a new record low for 2010 versus the greenback and the yen on speculations that Greece will suffer its first credit downgrade this year, which would follow the two previously suffered last year as the southern European nation started to agonize with its growing budget deficits.
After Standard & Poor’s announced that Greece may be subject to another downgrade on its credit rating following its aggravating fiscal crisis as both ECB and Greek officials’ lack of
At this point, with Greek and EU officials accusing each others of negligence and wrong choices, it’s easy to imagine that the black tide for the European single currency will flood global markets with pessimism. New record lows for the euro are likely to follow.
EUR/USD traded at 1.3459 as of 4:44 GMT from a previous intraday rate of 1.3539. EUR/JPY bottomed at 120.65 from 122.11.
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Earlier News About the Euro:
- Euro Suffered Again on PIGS Budget Crisis, U.S. Optimism (2010-02-23)
- Euro to Plunge Deeper on Fiscal Crisis Consequences (2010-02-22)
- Another Euro Weekly Decline on EU's Fiscal Crisis (2010-02-19)
- Euro Advances as Greece Concerns Considered Excessive (2010-02-16)
- Euro Remains Bearish on EU-Greece Talks (2010-02-16)