Euro Falls After Week of Strong Rally
The euro slipped today against most of its most traded counterparts as the concerns, that the European nations would fail to reduce their budget deficit, erased the attractiveness of the shared 16-nation currency.
The Financial Times said that Ireland’s budget deficit would be higher than previously estimated this year. The concerns for Ireland’s economy halted the rally of the euro, which was very strong last week but now the European currency dropped against 13 of 16 most traded currencies.
EUR/USD fell from 1.3784 to 1.3694 as of 10:26 GMT today, following the decline to 1.3666. EUR/JPY went down from 114.81 to 114.06.
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Budget deficit, EUR/JPY, EUR/USD, Europe, Financial Times, Ireland
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Earlier News About the Euro:
- Euro Falls vs. Yen After Spain's Credit Rating Downgraded (2010-09-30)
- Euro Goes Down on Concern for European Banks' Health (2010-09-27)
- 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)