Euro reaches ten month low against US dollar

Wednesday, March 3, 2010

The euro reached a ten-month low against the US dollar earlier today over concerns about Greece's debt crisis.

Euro banknotes.

The euro traded at US$1.3436 in the morning, a level not seen since May of last year, although it finished the day back up at $1.3606.

It was, however, up 0.6% against the British pound, at 90.76 pence. The pound also fell today, reaching a trading level of $1.4936 after a loss of 0.4%.

"The spike lower this morning indicates market nervousness about the prospects of a Greek bailout - the message coming out of Europe is still confused," commented an analysts for CMC Markets, Michael Hewson, as quoted by Agence France-Presse.