Euro hits multi-year low, recovers on short covering

The euro fell below $1.19 for the first time in more than four years on Monday but recovered most losses as U.S. stocks rose slightly and strong German manufacturing data pushed investors to buy back the currency.

European corporate demand helped lift the euro after it touched $1.1876, its weakest level since March 2006. But it remained below $1.20, a level pierced Friday after Hungary's warning about its deficit reminded investors of the severe debt problems plaguing some European countries.

"After Hungary's warning and weaker-than-expected U.S. jobs data on Friday, selling got a bit overdone," said Amelia Bourdeau, senior strategist at UBS in Stamford, Connecticut.

Read Full Article from Reuters

- Posted: 2010-06-07 10:11:51

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