By: Barbara Zigah
Continuing investor concerns about the Greek economy and mounting debt has precipitated the single currency Euro’s fall versus the Japanese Yen and the U.S. Dollar. In Asian trading today, as reported at 1:50 pm (JST) in Tokyo, the Euro slipped to $1.4416 from yesterday’s late New York trade of $1.4504; versus the Japanese Yen, the Euro declined from 131.93 Yen on Thursday to 131.32 Yen. Most dealers believe that the Euro will continue to lose ground in the short term, with market players becoming more risk averse and reducing their holdings in the Euro. Other factors are influencing the Euro’s drop, including the unsubstantiated rumor that Angela Merkel, the German Chancellor, may resign her position and remarks made last night by Jean-Claude Trichet, the President of the European Central Bank, that Greece would not be receiving any “special treatment” from the ECB.
Other higher risk currencies also were caught in wave of risk aversion, with the Australian Dollar slipping against the greenback from $0.9318 to $0.9272; versus the Japanese Yen, the Aussie dropped from 84.85 Yen to 84.51. The New Zealand Dollar also lost ground against the U.S. Dollar and the Yen, dropping to $0.7383 and 67.24 Yen, respectively.
Euro, Other High Risk Currencies, Slip on Risk Aversion
Barbara Zigah
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About Barbara Zigah
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.