Published by Jamie JemmesonThe euro was teetering above four-year lows this morning (May 18th), fragile after a worrying Senate vote.In yesterday's session, the upper house of Congress voted for the US government to oppose the International Monetary Fund bailout packages for countries that are unlikely to be able to repay them.The vote rocked confidence in a bailout package that is already seen by many traders as insufficient to reverse the fortunes of countries such as Greece, Portugal, Spain and Ireland.Speaking to Reuters, Daisuke Karakama, a market economist at Mizuho Corporate Bank, said that with confidence at such a low ebb, even minor economic events can cause forex dealers to offload the euro."If the market had taken this to mean the United States will really exercise veto power, the euro could have fallen further," he commented.Greece has had its sovereign debt rating downgraded to junk status, while other nations have also seen downward revisions.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site