EUR/USD: Euro Dips Below 1.3500

ForexNewsNow | Published on September 12, 2011 at 7:21 am

ForexNewsNow – The euro fell to its lowest level in seven months on Monday in wake of both a possible Greek default on its public debt and further signs of division within European Union leaders on how to resolve the EU debt crisis.

The euro was falling in value against the US dollar today, trading at 1.3620 as of around 11:15 A.M., GMT.

The EU’s single currency is up 0.26% on the day and has reached a session high of 1.3644 with a low of 1.3495 so far, its lowest level since mid-February.

This represents quite a tumble for the euro, which only a few days ago, in early September, was trading at around the 1.4300 level.

In the last few days, financial markets have been anticipating more and more a potential Greek default on its debt obligations. German leaders even discussed the possibility of Greece leaving the euro zone.

Following the resignation of European Central Bank Chief Economist Jurgen Stark on Friday, concerns about the stability of the euro have intensified.

 

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