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
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 147 119,837
SABIC 95.89 2,447,604
WARBABANK 265 805,745
GFH 0.72
MMG 12.55
AGLTY 650 2,407,748
SECO 22.85 669,460
Recent News

Russia, Saudis Move at a Different Pace as Oil Cuts Scrutinized
Russia and Saudi Arabia head to this weekend’s OPEC committee meeting as the tortoise and hare of a global deal to cut oil supply, with Moscow sticking to a slow and steady pace despite Riyadh’s cajo

Creating a business environment for growth
Qatar is experiencing a distinctive economic phase during its transition away from reliance on hydrocarbons and towards a diversified knowledge-based economy under the National Vision 2030. Low oil p

Draft regulation for real estate investment trust funds ready
A draft regulation for listing real estate investment trust (REIT) funds is ready and is awaiting final approval from certain ministries, such as the Ministry of Housing, according to a top-level off

Technical analysis of the QSE index
The index managed to gain 84.21 points, pushing the Index to 10,445.24 and gaining 0.81% compared to last week’s close. A bullish engulfing candlestick has been created, which may trickledown, in a p

CI ratings recognise Doha Bank’s sustainable business model: CEO
Capital Intelligence ratings affirmation on Doha Bank recognises the bank’s “sustainable business model in response to changing market conditions in Qatar and overseas,” CEO Dr R Seetharaman has said

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?