Arab Today, arab today euro sinks on debt contagion pressures
Last Updated : GMT 09:18:07
Arab Today, arab today
Arab Today, arab today

Euro sinks on debt contagion pressures

Arab Today, arab today

Arab Today, arab today Euro sinks on debt contagion pressures

London - AFP

The euro fell on Monday on rising signs of contagion from the ongoing debt crisis in the eurozone, as traders switched their focus to Italy, analysts said. In late morning London deals, the euro sank to $1.4123 from $1.4258 late in New York on Friday. Against the yen, the dollar firmed to 80.77 yen from 80.55 yen. \"The euro is under pressure this morning as the market watches contagion tightening its grip on the Italian bond market,\" said Rabobank analyst Jane Foley. \"Against the backdrop of falling Italian banking stocks and rising yields and Italy has reportedly pushed its way onto the agenda along with the discussion of the second bail-out for Greece. \"The fact that contagion is spreading marks the failure of politicians to draw a line under the euro crisis to date.\" The long-term cost of borrowing for Italy and Spain reached record high levels on Monday on concern that the eurozone debt crisis could spread to these two countries, traders said. The price of debt bonds issued by Italy and Spain fell further, automatically pushing up the indicated yield, or rate, of the fixed interest attached to the instruments. The rate on 10-year bonds issued by Italy rose to 5.451 percent and on Spanish 10-year debt to 5.797 percent. These rates were at the highest levels since the creation of the eurozone. \"As yields rise and debt financing costs become even more exaggerated, the difficulties of containing the crisis become even bigger,\" said Foley. Several factors were behind the rise in the yields, and particularly a meeting of leading figures in the European Union on Monday to coordinate their positions on a second debt rescue for Greece, traders said. Financial markets were concerned about signs that the debt pressures which have hit Greece, Ireland and Portugal, could begin to affect Italy and Spain, they added. Later this week, on Friday, the EU banking regulator will publish the results of its stress tests on troubled eurozone banks. The London-based European Banking Authority has carried out assessments on 91 banks that represent 65 percent of Europe\'s banking sector. On Monday, the euro changed hands at $1.4123 against $1.4258 on Friday, at 114.08 yen (114.90), £0.8853 (0.8885) and 1.1834 Swiss francs (1.1932). The dollar stood at 80.77 yen (80.55) and 0.8379 Swiss francs (0.8368). The pound was at $1.5951 (1.6048). On the London Bullion Market, gold prices climbed to $1,545.75 an ounce from $1,541.50 on Friday.

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