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Euro Falls to Multi-Currency Lows on Continuing Greek Sovereign Debt Worry
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Friday, January 29, 2010 GMT
By: Barbara Zigah
The single currency Euro struck a fresh 9-month trough versus the Japanese Yen, and a 6-month low against the U.S. Dollar on continuing investor worries over the worsening fiscal situation in Greece. As reported at 2:59 p.m. (JST) in Tokyo, the Euro traded at $1.3932 against the U.S. Dollar, a decline of .3% from yesterday’s late trading in New York, up slightly from the 6-month low of $1.3912 established on the EBS platform. Against the Japanese Yen, the Euro slipped to 125.26 Yen, a decline of .3% and off of 124.81 Yen, a 9-month low hit also on the EBS platform.
Greece’s ability to repay its debt is foremost in the minds of investors; officials from France and Germany quashed a rumor that suggested the E.U. was planning to bail out the Greek nation. A spokesperson from the Greek government disavowed any request for assistance by the E.U., and suggested that the nation is being demonized as the weak link within the Euro zone. One currency trader in Japan commented that some investors are concerned that the system of a single currency may be falling apart.
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