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.”
Emirates NBD Egypt economic update
“The Central Bank of Egypt (CBE) voted in favour of keeping interest rates on hold at its latest meeting on September 1, with the overnight deposit and lending rates remaining at 9.25 per cent and 10
Bank deposits climbed by 1.7 percent in July to cross the SR1.5 tr
SEC awards Siemens largest SVC contract
Siemens, the global powerhouse which innovates the electrical world and operates in the fields of energy, infrastructure, industry and healthcare, signed two contracts with Saudi Electricity Company