Euro Drops to 3-Month Low After Greek, French Elections


07/05/2012 04:57 AST

The euro fell to a three-month low after Socialist Francois Hollande was elected president of France and as Greek voters flocked to anti-bailout parties, stoking concern austerity efforts in Europe may be derailed.

The 17-nation currency slid for a sixth day, its longest series of losses since September 2011, after German Chancellor Angela Merkel’s party had its worst election result in more than half a century in the state of Schleswig-Holstein. The yen and the dollar rose versus most of their major peers as Asian stocks extended a global rout, boosting demand for haven currencies.

“There are major concerns about the euro,” said Marito Ueda, senior managing director in Tokyo at FX Prime Corp. (8711), a currency margin company. “What’s common to both Greek and French voting is that people aren’t feeling good about austerity measures, which are the crux to a resolution of Europe’s debt problems.”

For more on this Click Here

Bloomberg
Forex News
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
EEC 24.85 583,195
BKMB 0.44 444,710
OTEL 1.5 82,490
GFH 0.51
SABIC 96.75 5,350,083
EMAAR 7.4 18,957,908
SADAFCO 126.75 65,388
Recent News

Asian Infrastructure Investment Bank to fund $301m for Duqm port, rail
Oman will receive finance to the tune of $301 million from Asian Infrastructure Investment Bank (AIIB) for developing two major transport projects in the country – maritime infrastructure at Duqm and

CMA plans to introduce new securities law to safeguard investors
Oman’s stock market watchdog Capital Market Authority (CMA) has released a draft securities law, which is aimed at protecting the larger interest of investors, with a special treatment to retail inve

Qatar Stock Exchange Weekly Market Report
The Qatar Stock Exchange (QSE) index gained 140.2 points, or 1.41%, during the week to close at 10,053.95. Market capitalisation increased by 1.17% to QR540.1bn versus QR533.9bn at the end of the pre

Doha Bank inaugurates representative office in Dhaka
Doha Bank yesterday announced it inaugurated the Bank's Bangladesh representative office in Dhaka. The inauguration ceremony was held in the presence of Qatar's Ambassador to Bangladesh, Ahmed Mohame

Ooredoo named strategic partner of DBS
Ooredoo, in line with its ongoing support for the business sector in Qatar, recently became the Strategic Partner of ‘Doha Business Solutions’ (DBS) and supported its event featuring world-renowned b

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?