Euro remains weak on sovereign debt woes
Page 1 of 1 • Share
Euro remains weak on sovereign debt woes
[You must be registered and logged in to see this image.]
TOKYO: The euro was weaker in Asia Tuesday on the back of a string of negative news highlighting concern about European sovereign debt woes, dealers said.
The euro fetched $1.4043 in Tokyo morning trading, down slightly from 1.4047 in New York late Monday. The single European currency fell to 114.88 yen from 115.13. The dollar fell to 81.80 yen from 81.96.
"A series of bad news prompted investors to shun the euro amid rekindled worries about deep-rooted debt problems," said Teppei Ino, analyst at the Bank of Tokyo-Mitsubishi UFJ.
"While selling of the euro calmed somewhat in Tokyo trading hours, the unit is seen to stay under pressure."
Fitch Ratings on Friday slashed Greece's credit rating by three notches to B+, citing its growing problems in getting its public finances in order.
The news came amid lingering speculation that Athens might have to restructure or reschedule its mounting debt.
Meanwhile Standard & Poor's lowered its outlook for Italy from "stable" to "negative."
HiFX Head of Trading Mike Hollows told Dow Jones Newswires that there is concern about contagion effects and "potential risks as rating agencies seem to be picking off sovereign nations one by one".
Meanwhile rising concerns emerged on Monday over the state of the European economic recovery -- with key indicators slowing sharply.
London-based research giant Markit's composite eurozone index for manufacturing and services output suggested eurozone growth slowed to a seven-month low in May. (AFP)
TOKYO: The euro was weaker in Asia Tuesday on the back of a string of negative news highlighting concern about European sovereign debt woes, dealers said.
The euro fetched $1.4043 in Tokyo morning trading, down slightly from 1.4047 in New York late Monday. The single European currency fell to 114.88 yen from 115.13. The dollar fell to 81.80 yen from 81.96.
"A series of bad news prompted investors to shun the euro amid rekindled worries about deep-rooted debt problems," said Teppei Ino, analyst at the Bank of Tokyo-Mitsubishi UFJ.
"While selling of the euro calmed somewhat in Tokyo trading hours, the unit is seen to stay under pressure."
Fitch Ratings on Friday slashed Greece's credit rating by three notches to B+, citing its growing problems in getting its public finances in order.
The news came amid lingering speculation that Athens might have to restructure or reschedule its mounting debt.
Meanwhile Standard & Poor's lowered its outlook for Italy from "stable" to "negative."
HiFX Head of Trading Mike Hollows told Dow Jones Newswires that there is concern about contagion effects and "potential risks as rating agencies seem to be picking off sovereign nations one by one".
Meanwhile rising concerns emerged on Monday over the state of the European economic recovery -- with key indicators slowing sharply.
London-based research giant Markit's composite eurozone index for manufacturing and services output suggested eurozone growth slowed to a seven-month low in May. (AFP)
Noor Bangash- Monstars
-
Posts : 868
Join date : 2011-07-13
Age : 34
Character sheet
Experience:
(500/500)
Similar topics
» Euro falls back amid Greece's debt woes
» Euro drops as sovereign debt fears rise
» Euro sinks amid new jitters over sovereign debt
» Euro eases on lingering Greek debt woes
» Euro falls against dollar on eurozone debt woes
» Euro drops as sovereign debt fears rise
» Euro sinks amid new jitters over sovereign debt
» Euro eases on lingering Greek debt woes
» Euro falls against dollar on eurozone debt woes
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Sat May 04, 2024 11:49 am by ali001
» house disrepair claims
Thu May 02, 2024 4:29 pm by Ibad Khan Buledi
» Bounce n Bang: Physics puzzler
Thu May 02, 2024 11:39 am by ali001
» AIChatSY - AIChatbot Assistant
Wed May 01, 2024 10:48 am by ali001
» Storybook Magic App
Tue Apr 30, 2024 7:06 pm by ali001
» Flower Book Match3 Puzzle Game
Tue Apr 30, 2024 12:17 pm by ali001
» Avian Influenza Symptom in Chickens "Bird Flu H5N1 Virus" Vet learning materials, Poultry Farming
Sat Apr 27, 2024 9:57 am by Ibad Khan Buledi
» Aloha Planner - Note-Taker
Thu Apr 11, 2024 4:52 pm by ali001
» Streaming Guide Film TV Series
Tue Apr 09, 2024 9:39 pm by ali001