Euro Goes Down on Concern for European Banks’ Health
The euro slipped today against the US dollar and the Japanese yen as the concern that the European banks would require to raise more funds damped demand to the European assets.
The report this week shall tell how much it’ll be for Ireland to bailout Anglo Irish Bank Corp. Brian Lenihan, Ireland’s Minister for Finance, promised that the costs would be “manageable”. The government expects the bailout to cost about €22 billion, but the Standard & Poor’s estimates put it closer to €35 billion, which is equal to 20 percent of Ireland’s GDP. The euro also fell as the Der Spiegel said that the European Commission lacks the confidence in the vitality of the German lenders.
EUR/USD slipped from 1.3483 to 1.3440 today as of 9:38 GMT, while EUR/JPY went down from 113.66 to 113.18.
If you have any questions, comments or opinions regarding the Euro, feel free to post them using the commentary form below.
Tags
Anglo Irish Bank Corp., Brian Lenihan, EUR/JPY, EUR/USD, Europe, European Commission, Germany, Ireland, Standard & Poor's
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Earlier News About the Euro:
- Second Week of Gains for Euro, Analysts Continue Forecast Decline (2010-09-25)
- Brighter Outlook for Economic Recovery Makes Euro Stronger (2010-09-24)
- Euro Declines as Reports Signal About Slower Growth (2010-09-24)
- Risk Appetite Wanes, Euro Weakens (2010-09-17)
- Euro Gains as Recovery Concern Ease, Basel Extends Deadlines (2010-09-13)
1 Comment
The euro trend has been bullish for like a week back what is gonna be the trend for prospect week ahead, we have to be on the look out for its outcome however any idea about the future trend should revealed