Futures Market News
Euro slips against dollar, yen
Jul 20, 2012 11:42 AM
The value of the shared currency of the European Union drove toward its lowest level against the Japanese yen since 2000, according to Reuters.
Though officials in the euro zone reached a pact on bailout aid for debt-hobbled Spanish banks, preoccupations grew about the sovereign debt scourge remaining far from resolution. Regional finance ministers granted approval to an aid package for as much as the euro equivalent of $122 billion for Spanish banks.
"Spain's Valencia region requesting help triggered a little bit of selling, which broke the previous lows and triggered some stop-loss orders below it," corporate currency sales desk director Carl Forcheski with Societe Generale SA in New York told the news source.
The 17-nation monetary unit fell 1.1 percent against the Pacific Rim monetary unit, dropping to its lowest value since November 2000. The euro lost 1.1 percent against the world's reserve currency to scrape its lowest value since June 2010.
Reuters reports the embattled monetary unit also scraped all-time lows against the dollars of Australia, New Zealand and Canada.
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