Futures Market News
Shared currency drops to greenback, yen
Jan 05, 2012 12:14 PM
Thursday saw the value of the common currency of the European Union drop to the U.S. dollar amid strong news about job creation in the nation hosting the globe's largest economic system, Reuters reports.
The 17-nation moneypiece also was dragged down by persistent damages caused by the sovereign debt crisis. But the report by ADP noted December saw an additional 325,000 jobs created by private sector employers.
"The worries that are going on in Europe could trump all of the better data we've been getting out of the U.S. in terms of risk sentiment," Americas regional research head David Mann with Standard Chartered in New York told Bloomberg. "The markets are still very [wary] of a potential downgrade."
The greenback was driving toward its top values in the past year, which it notched last week. France, host of the euro zone's second-largest economy, conducted its first bond auction of 2012, which also burdened the euro. The euro zone's top economic system is hosted by Germany.
The euro also fell to its lowest value since 2001 against the Japanese yen, according to Bloomberg.
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