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


07/05/2012 04:57 AST  Bloomberg

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

Forex News
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 32.3 162,781
RIBL 18.1 802,237
ALMARAI 92 70,994
ALKHODARI 31.7 89,262
SABIC 105 1,329,361
ACIG 40.2 258,388
SPIMACO 49.1 134,346
Recent News

Batelco Supports Inaugural Routes Middle East & Africa 2015
Batelco, the Kingdom’s leading communication solutions provider, proudly announces its support for the upcoming inaugural Routes Middle East & Africa, taking place at the Gulf Hotel, Bahrain from May

Dollar in vogue on CPI boost and Yellen’s comments, euro weakens
The dollar hit a one-month high against a basket of major currencies on Monday after stronger-than-expected underlying US inflation bolstered the Federal Reserve's case for an interest rate hike late

Pound to Euro Exchange Rate Forecast Raised by Lloyds
As we enter the middle of 2015 we take stock of where the pound euro exchange rate is and hear from two leading institutional researchers that while there are better exchange rate levels ahead the eu

New KSA campaign to promote fair competition
An awareness campaign to spread the culture of fair competition among businessmen and traders has been launched.

The campaign, the Competition Council’s (CC) fourth, is particularly meant to

Sisban invests SR1.5b in Fairmont hotel in Jeddah
Sisban Holding signed a contract with Fairmont International Corporation to manage the first hotel of Fairmont chain in Jeddah, Saudi Arabia, in which Sisban invests nearly SR1.5 billion on the Jedda

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?