Euro Below 1.3700 for First Time in Six Months

ForexNewsNow | Published on September 9, 2011 at 10:30 am

ForexNewsNow – The euro fell below 1.3700 for the first time in six months on Friday, still weighed down by increased concerns about the strength of economic recovery in the euro zone and in wake of pessimistic comments from the European Central Bank (ECB).

Around 16:13 GMT, the euro fell to 1.3639 dollars, its lowest level since February 19th.

Thursday, after keeping its benchmark interest rate at 1.50%, the ECB lowered its growth forecasts in the euro zone for 2011 and 2012, and its president Jean-Claude Trichet said a “huge degree of uncertainty ” currently besets the global economy, including the euro zone.

These remarks “should not be interpreted as a sign of an easing ahead for the ECB’s monetary policy,” Lloyds Bank analysts cautioned. “Concerns remain vis-à-vis Greece which weigh on the euro,” the analysts added.

According to the Greek press, an International Monetary Fund (IMF) “emergency meeting” on Greece is to take place on Wednesday, September 14th. IMF and European Union (EU) delegations in charge of reviewing the accounts of the country had suspended their mission last week, blaming Athens for its delays in the implementation of the recovery plan.



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