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Euro Falls Below $1.20 on Fresh Debt Fears

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Bradley Davis
Wall Street Journal
Friday, June 4, 2010

The euro dropped to its lowest level in four years after a weaker-than-expected U.S. jobs report added to fresh concerns over euro-zone sovereign debt, leading investors to file out of riskier assets.

The euro also dropped to its lowest-ever level against the Swiss franc, triggering some investors to keep an eye out for a possible fresh round of Swiss National Bank intervention to temper franc strength as investors turn to the safe haven and abandon the common currency.

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Euro Falls Below $1.20 on Fresh Debt Fears  260310banner2

Early morning, the euro was trading at $1.20 from $1.2158 late Thursday in New York. The dollar was at 91.86 yen from 92.63 yen, while the euro was at 110.29 yen from 112.62 yen. The U.K. pound was at $1.4502 from $1.4616 and the dollar was at 1.1584 Swiss francs from 1.1567 francs.

The ICE Dollar Index, which tracks the greenback against the trade-weighted basket of currencies, was at 87.734 from 87.240.

Full story here.

This article was posted: Friday, June 4, 2010 at 9:19 am





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