The euro continued to lose ground
February 8, 2010
On Monday morning, the euro traded at 1.3630 dollars against 1.3673 dollars around 2200 GMT Friday. The euro also crumbling against the yen at 121.77 yen against 122.01 yen.In contrast, the dollar appreciated against the yen at 89.34 yen against 89.20 late Friday.
Friday, the euro fell to its lowest level against the greenback since May, falling to 1.3586 earlier in the meeting in New York and against the yen since April, driven lower by fears that some members monetary union, such as Greece, Portugal and Spain, can not only resolve their debt problems.
The single European currency was under pressure on Friday as the European Central Bank (ECB) decided yesterday to keep its main rate unchanged at 1% level since May 2009.
According to traders, the euro was slightly supported on Monday by the statements of European members of G7 meeting this weekend in Canada expressing their confidence in the ability of Greece to face its worst financial crisis in three decades.
The euro "has too often been sold last week," said Masatsugu Miyata Monday, Hachijuni Bank.
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