Corporate foreign exchange news

Euro down in foreign exchange trading

Monday, 13 June 2011 09:59:13 GMT

Published by Mark Smith-Halverson
The euro has taken a tumble in foreign exchange trading this morning (June 13th 2011), after public disputes between senior EU politicians sparked renewed concerns over the eurozone sovereign debt crisis.
According to Reuters, the European single currency dipped by 0.1 per cent to $1.4336 as investors moved away. Trading volumes were relatively thin, with some European markets closed for public holidays.
"What the euro needs is a resolution to the Greek crisis and the politicians and the central bankers do not appear to be close to finding one," said Societe Generale currency strategist Kit Juckes. "That uncertainty is weighing on the euro."
Bundesbank chief Jens Weidmann warned over the weekend that he would be opposed to extending the maturities of Greek bonds. The European Central Bank (ECB) has also expressed reservations over such a plan.
German finance minister Wolfgang Schauble stated in a letter to ECB president Jean-Claude Trichet last week that Berlin could approve some form of Greek restructuring.ADNFCR-2522-ID-800576007-ADNFCR
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