Euro reaches one-year low against US dollar
Wednesday, May 5, 2010
The currency reached $1.3088 against the dollar — a level not seen since April of last year — although it recovered slightly to end the day at $1.3094. However, that was still lower than the $1.3212 it traded for on Monday. The euro also lost 1.6% against the, to a trading level of Y122.81, and 0.3% on the pound, going down to £0.8632.
The euro is losing strength as theis struggling to prevent the Greek economy from defaulting on debts; a rescue loan package worth 110 billion euros (US$145.62 billion) is currently underway to help ease the crisis. Michael Hewson, who is a currency analyst for CMC Markets, commented that the euro probably will "continue to remain under pressure over the coming days."