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Euro slides to record low vs franc on Greece fears

Reuters - Jun 13, 2011

The euro fell to a record low against the Swiss franc on Monday, with more losses likely as disagreement among policymakers over how to solve Greece's debt crisis unsettled investors and boosted the safe-haven allure of the franc.

But the euro managed to gain versus the U.S. dollar, helped by central bank demand and a recovery in U.S. stock prices. Concerns about a stalling U.S. economic recovery and a ballooning budget deficit also weighed on the dollar.

The European single currency dropped as low as 1.2004 Swiss francs EURCHF=EBS on trading platform EBS. Traders expect the pair to fall below the 1.20 level, where large option structures were noted, with a break below likely triggering more euro selling.

European leaders are due to finalize a new rescue package for Greece at a Brussels summit on June 23-24, but deep divisions remain about how to get the private sector involved. Concerns are growing that Greece will eventually have to restructure its debt.

Read Full Article from Reuters

- Posted: 2011-06-13 14:36:18

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