Aug 25, 2008
The euro goes below 1.47 dollar, victim fears of recession
The euro has stumbled against the dollar and the yen in Asian markets Tuesday, against a backdrop of concerns about the health of economies in the euro area and the Georgian conflict, said traders.
Around 06H00 GMT (08H00 in Paris), the euro went below 1.47 dollar at 1.4689 dollars against 1.4751 dollars Monday to 21H00 GMT. This does not happen it was since February 18, 2008.
The European currency fell slightly longer face the yen at 161.13 yen against 161.25 yen Monday. The dollar instead took the field the Japanese currency at 109.69 yen against 109.31 yen the previous day.
The single currency found itself under pressure from lending to speculation the European Central Bank (ECB) attempts to lower its rates in the coming months to stimulate economic growth amorphous, explained the analysts.
The euro was also sealed by the consequent concern to the Russian military intervention in Georgia, said Saburo Matsumoto, chief strategist at Sumitomo Trust Bank.
"Personally, I think the euro is most striking (as other currencies) by the growing dispute between Russia and Western countries about Georgia", he said.
Russia is a major energy suppliers in Europe and Georgia, a key crossing point for crude oil and gas extracted in Azerbaijan to Western markets.
The yen was relatively stable after the mobilization of the day, renewed concerns about the U.S. financial sector, encouraging speculators to reduce trade risky credit-based Japanese cheap.
The market was awaiting the publication in the day, sales of new homes in the USA as well as the barometer Gfk morale of German consumers, the first euro-area economy, have recalled the forex.
The figures published Monday on property sales in the USA gave a glimpse trouble for the sector already plagued by the crisis.
The National Association of Realtors reported a 3.1% increase in sales of real estate old in July. Sales remained 13.2% lower than a year ago.
The pound sterling still suffering the backlash of the publication Friday of figures for growth in Britain, which was zero in the second quarter, the worst performance since the kingdom sixteen years.
After being moved during European trading below the symbolic 1.85 dollar (1.8474 dollar exactly) for the first time in over two years, the pound was installing them lying on Tuesday to 1.8443 dollar. It remained almost stable against the European single currency, to 79.65 pence against the euro.
The Swiss currency was conducted against the euro at 1.6157 Swiss francs to one euro, but not face the U.S. currency at 1.0999 Swiss francs to the dollar
by erectusplus at 11:49 PM |
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