Bloomberg
May 7, 2011
The euro tumbled the most in a year against the dollar on speculation Greece may stop using the currency, bolstering concern the nation’s debt crisis will spread through the region.
Europe’s shared currency fell against all of its 16 most- traded peers even after Greece denied a report in Der Spiegel magazine that the European Commission called a meeting to discuss the situation. Futures traders raised bets as of May 3 to an almost four-year high that the euro would gain against the dollar. The greenback rose versus the yen after U.S. employers added more jobs than forecast.
“It does bring to the forefront the existential concerns about the euro,” said Samarjit Shankar, a managing director for the foreign-exchange group in Boston at Bank of New York Mellon. “It underscores the risks that have never really gone away but had gone to the back burner.”
More
No comments:
Post a Comment