Euro sinks to 16-month low

AFP
January 7, 2012

The euro fell below $1.28 for the first time in 16 months, as the eurozone debt crisis rolled on.

The euro tumbled as low as $1.2698, a level last seen in early September 2010, extending losses after breaching $1.28 earlier this week as US economic data supported the dollar.

By 1900 GMT the single currency had rebounded to $1.2792, near Thursday’s level, but the malaise remained.
“The euro continued its spiral downwards today as US nonfarm payrolls came in at a very healthy 200,000 jobs and the unemployment rate fell to its lowest level since February 2009,” said analyst Ian O’Sullivan at traders Spread Co.

“We still think $1.27 is going to go and we may see $1.25 hit within a few weeks at this rate. The United States continues to produce healthy economic numbers as Europe teeters on the brink of collapse,” O’Sullivan said.

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