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Euro Drops on Concern Europe Divided on Containing Debt Turmoil

BusinessWeek - May 20, 2010

The euro declined against the dollar on concern European governments are divided on how to contain financial turmoil in the wake of the sovereign-debt crisis.

The common currency, which rebounded from a four-year low yesterday, declined as France Finance Minister Christine Lagarde said that the 16 countries that share the euro need greater coordination. The yen rose against all its major counterparts including Australia’s dollar and South Africa’s rand as oil and equities declined, damping demand for growth-linked currencies. The dollar fell versus the yen after more Americans than forecast filed applications for unemployment benefits last week.

“Investors are selling into any euro rally,” said Joe Manimbo, a market analyst in Washington at Travelex Global Business Payments, a currency-exchange network. “That lack of unity is a real thorn in the euro’s side. We’re seeing a risk- averse market now, reflected in stock prices and oil below $70 per barrel and that’s putting downward pressure on risk sensitive currencies.”

Read Full Article from BusinessWeek

- Posted: 2010-05-20 08:50:40

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