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
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAVOLA 68.02 1,186,783
SAGRINSURANCE 29.27 166,880
RIBL 16.63 1,484,998
TIRECO 43.99 331,719
SABIC 95.44 6,684,752
ALKHODARI 28.5 604,252
SPIMACO 45.89 394,893
Recent News

Global stocks rally on hopes for Greek deal, dollar gains
Global equity markets jumped and safe-haven bonds fell on Wednesday after Greece's prime minister signaled he was prepared to accept the bulk of a bailout offer, while stronger-than-expected data on

Dollar Strengthens On Upbeat U.S. Economic Reports
The dollar started the month off strong on Wednesday, as a spate of strong U.S. economic data suggested growth remained robust in June, increasing the likelihood that Federal Reserve policy makers wi

Euro dips on strong U.S. data and renewed Greece concerns
The euro fell against the U.S. dollar on Wednesday after strong U.S. economic data raised expectations the Federal Reserve will hike rates in September, while a combative address from Greece's prime

Asian Stocks Rise With Dollar Dominant Before Jobs; Oil Sub-$57
Asian stocks rose, led by Japan as the dollar maintained gains against the yen before U.S. jobs data. Chinese equity futures signaled a rebound after regulators moved to stem a sell-off, while oil he

Standard Chartered Pakistan gets two IFA Awards 2015
Islamic Finance Award (IFA) 2015 recognised Standard Chartered Saadiq for the Best Islamic Consumer Banker of the year 2015 and Islamic Corporate Relationship Manager of the year 2015. Ali Allawala,

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

Poll

Which of the following do you think is the best long-term investment?