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Euro reaches one-year low against US dollar

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Wednesday, May 5, 2010

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The euro fell to a one-year low against the US dollar earlier yesterday, over fears that the bailout package proposed for the ailing Greek economy would not prevent financial troubles elsewhere in Europe.

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 yen, to a trading level of Y122.81, and 0.3% on the pound, going down to £0.8632.

The euro is losing strength as the Eurozone is 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."


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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.


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