Published by Mark Smith-HalvorsenThe euro fell further against the dollar during early trading this morning (May 12th), with any marginal appreciation counteracted by hedge fund selloffs.Speaking to Bloomberg, Nabuaki Kubo, vice-president of foreign exchange in Tokyo at BBH Investment Services, said eurozone nations had a lot of work to do to improve their fiscal positions and restore confidence in the region."Optimism about the loan package didn't last long as investors stopped pushing up the euro. People remain skeptical about the euro’s outlook in the medium and long term," he added.Germany received an unexpected boost this morning after figures showed its economy grew 0.2 per cent in the first quarter of the year. Economists had expected stagnation.However, forex dealers are likely to continue to put pressure on the euro as fears linger that the record bailout deal announced at the beginning of the week may be insufficient to avert bankruptcy in debt-addled eurozone nations.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site