The common currency of the European Union stayed at its lowest value in 24 months against the U.S. dollar on Wednesday, Reuters reports.
Pressuring the embattled monetary unit lower were prolonged deliberations of justices with the Constitutional Court of Germany, which is presiding over whether bailout funding for the euro zone meets constitutional requirements and standards of new adjustments to law in Germany. Deliberations have consumed more time than originally forecast.
"While the euro could see some short-term corrective moves against the dollar, it is really difficult to think of taking long positions in the coming months, considering Europe's
situation," senior currency strategist Masashi Murata with Brown Brothers Harriman in Tokyo told Reuters.
Should Spain and Italy, two troubled euro zone nations, see increases to debt yields continue, concerns about the three-year-old sovereign debt crisis' damaging tendencies will only grow larger while doubts fester about officials' abilities to control the scourge, analysts told the news source.
The Associated Press reports the government of Spain enacted deep austerity cuts to reduce the state budget during the next 30 months by the euro equivalent of almost $80 billion.
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