Corporate foreign exchange news

Euro edges closer to 11-month low versus dollar in foreign exchange trading

Wednesday, 14 December 2011 09:13:36 GMT

Published by Mark Ackroyd
The euro was at $1.3039 in foreign exchange trading in London at 06:45 GMT today (December 14th), just 0.2 per cent above its lowest level in almost a year.
The move came as uncertainty remains about the likelihood of the eurozone's debt crisis being resolved in the near future, reports Bloomberg.
Commenting on the situation, analyst in Tokyo at Gaitame.com Research Institute Kumiko Gervaise told the newswire: "It's hard to see a positive scenario for the euro. A bad result at debt auctions will be a selling catalyst for the euro."
Analysts may be able to gain a clearer view of the situation in the coming days as Spain, Italy and Germany are set to auction bonds today and tomorrow.
This follows comments made to Bloomberg earlier this week by currency strategist at Wells Fargo & Co in New York Vassili Serebriakov suggesting that there is an "ongoing erosion of optimism" in the region at present.
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