Arab Today, arab today euro hits sevenweek dollar low
Last Updated : GMT 06:58:51
Arab Today, arab today
Arab Today, arab today

Stock markets sink

Euro hits seven-week dollar low

Arab Today, arab today

Arab Today, arab today Euro hits seven-week dollar low

The euro plunged to $1.3226, touching the lowest point
London - AFP

The euro plunged to $1.3226, touching the lowest point The euro tumbled to a seven-week dollar low on Friday and stock markets sank as investor confidence evaporated over a possible solution to the eurozone debt crisis, dealers said .
The European single currency plunged to $1.3226, the lowest point since October 4. It later stood at $1.3270, down from $1.3347 in New York late Thursday.
\"As confidence that a solution to this crisis might be forthcoming and that the euro will survive has evaporated, (it is) no surprise that international investors have chosen to ditch the euro in favour of more safe-haven currencies,\" said Howard Wheeldon, strategist at brokers BGC Capital.
\"The reality is that as those charged with leading the eurozone out of this crisis appear to have moved further apart, it seems to me that short of a miracle the euro will just keep heading south.\"
In midday trade, London\'s FTSE 100 index slid 0.39 percent to 5,107.68 points, Frankfurt\'s DAX 30 lost 0.35 percent to 5,411.35 points and in Paris the CAC 40 shed 0.47 percent to 2,809.12.
The Milan stock market plunged 1.91 percent after Italy paid record rates in a 10-billion euro ($13.2-billion) bond sale and as the EU kept up pressure over the country\'s debt on Friday.
The rate on bonds due in six months soared to 6.504 percent and the two-year rate hit 7.814 percent, levels considered dangerously high for the long term given Italy\'s massive 1.9 trillion euros public debt mountain.
 Traders remained nervous at the end of a week that saw investors shun a bond sale in Germany, the eurozone\'s paymaster and strongest economy, stoking fears the whole euro project is unravelling.
Asian equity markets meanwhile mostly closed lower on Friday as Thursday\'s meeting between the eurozone\'s three biggest economies -- France, Germany and Italy -- only highlighted their differences on finding a solution to the region\'s debt problems.
New York markets were closed for Thanksgiving on Thursday, when Germany and France promised to reform EU governing treaties even though Chancellor Angela Merkel stood by her refusal to back eurobonds or widen the ECB\'s role.
France had urged Berlin to allow the European Central Bank to become a lender of last resort, with the firepower to protect debt-ridden eurozone members from falling victim to the bond markets.
After the crisis talks, French President Nicolas Sarkozy, Merkel and Italy\'s new Prime Minister Mario Monti said they would move to reform EU governing treaties but insisted that all agreed that there would be no wider ECB role.
Sentiment was also hit after Moody\'s ratings agency slashed Hungary\'s sovereign rating to junk status, one day after rival Fitch had cut Portugal\'s credit standing to junk.
In addition, dealers speculated that China was scaling back its purchases of euros.
 \"Large euro purchases by the Chinese have been supporting the troubled currency this year, although this may have been scaled back somewhat,\" said Spreadex trader Jordan Lambert.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today euro hits sevenweek dollar low Arab Today, arab today euro hits sevenweek dollar low

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today euro hits sevenweek dollar low Arab Today, arab today euro hits sevenweek dollar low

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday