Financial Times
April 19, 2011
The euro stabilised after a sharp sell-off in the previous session but traders remained on alert for further losses in the single currency.
The euro tumbled on Monday as increased fears over eurozone sovereign debt were sparked by speculation that Greece was set to restructure its debt.
This was exacerbated by vote in Finland that showed a strong showing for a eurosceptic party, which raised fears that Portugal’s bail-out would be blocked.
The euro, which hit a two-week low of $1.4155 against the dollar on Monday, found some support as markets stabilised.
Analysts said a sale of 13-week Treasury bills from Greece had helped improve sentiment towards the single currency.
Athens sold €1.625bn with a bid-to-cover ratio of 3.5, although it had to pay a yield of 4.1 per cent, up from 3.85 per cent when the same notes were last sold in February.
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