Feb. 6 (Bloomberg) -- The euro headed for a fourth weekly loss versus the dollar and yen on concern budget deficits in Greece and other European nations will hamper the region’s economic recovery.
The 16-nation currency yesterday tumbled to an almost one- year low against the yen and to the weakest level in eight months versus the dollar as investors bet sovereign risk crises in nations such as Greece, Portugal and Spain will force policy makers to keep interest rates at record lows for longer. The Swiss franc fell from its highest level in 15 months against the euro as traders speculated the nation’s central bank sold the currency to curb its strength.
“Greece was uncovered, and the bloodhounds are out now in the market looking for fiscal instabilities,” said Jessica Hoversen, a foreign-exchange and fixed-income analyst at the futures broker MF Global Ltd. in Chicago. “In the recent week, there has been increased rhetoric about Portugal and Spain. It’s putting pressure on the euro.”...
http://www.bloomberg.com/apps/news?pid=20601083&sid=a49LTUTYs1lw
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