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Euro slips versus the Pound Sterling on Euro-zone Worries
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Wednesday, February 03, 2010 GMT
By: Barbara Zigah
Continuing investor worries over the fiscal deficits in European nations, especially in Greece and Portugal, pushed the single currency Euro lower against the British Pound Sterling. As reported at 1:19 pm (JST) in Tokyo, the Euro was trading at 87.25 Pence down from yesterday’s late New York trade of 87.42 Pence. Late last week, the Euro fell to 86.03 Pence, the lowest trade since mid August 2009. Against the Japanese Yen, the Euro traded at 126.17 Yen, down from 126.21 Yen yesterday. A recent column in the U.K.’s Financial Times newspaper suggested that the Greek nation should have an “austerity plan” in place that is backed by the IMF; that article spurred demand for the relative safe haven of the Yen. One economist in a Tokyo financial institution commented that most market players are worried that Euro-zone troubles will worsen.
Later today, the European Commission is expected to release a report which recommends that European finance ministers fully endorse the plan proposed by George Papandreou, the Prime Minister of Greece, in which he outlined his steps to reduce spending and increase revenues over the next three years. The president of the E.C. noted that, while the plan appears feasible, it is, nonetheless, subject to risks.
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