PRN: Euro Crashes to Four-Month Low Against US Dollar
Euro Crashes to Four-Month Low Against US Dollar [17-May-2012] LONDON, May 17, 2012 /PRNewswire/ -- The euro has suffered a serious battering this week, tumbling to a four-month low of $1.2747 against the US dollar on Wednesday, May 16, as investors study the Greek situation with a growing sense of unease and reports emerge of Greek depositors withdrawing funds from Greek banks as the country's fate hangs precariously in the balance.
Euro Crashes to Four-Month Low Against US Dollar
LONDON, May 17, 2012 /PRNewswire/ --
The euro has suffered a serious battering this week, tumbling to a four-month low of $1.2747 against the US dollar on Wednesday, May 16, as investors study the Greek situation with a growing sense of unease and reports emerge of Greek depositors withdrawing funds from Greek banks as the country's fate hangs precariously in the balance.
According to news reports, Greek investors withdrew a whopping €700 million from the country's banks on Monday, May 14, even as ratings agency Moody's slashed the credit rating of 26 Italian banks on Tuesday, May 14, doing little to sooth frayed nerves and prompting investors to ditch the single currency in favour of safer haven options such as the US dollar.
The single currency has already slipped to a four-month low of $1.2747 and investors are nervously looking to see if it will now move through the 2012 low of $1.2626 to test the psychological level of $1.2500 as the Greek saga intensifies.
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