Euro slips further

2010-05-05 10:53

The euro is down to $1,2978 (about R10) in morning trading amid

fears that a big bailout for Greece may not be enough to halt the debt crisis in

Europe.


Despite a €110 billion (about R1 trillion) bailout, markets remain

concerned about Greece’s ability to meet its obligations.


The euro sank as low as $1.2937 today, its weakest point since

April last year, but then recovered slightly.

That was still below the $1.3004

it bought in late New York trading the night before.


In other trading, the British pound edged higher to $1.5136 from

$1.5122 today.

Britons will vote tomorrow in an election that could see the

Labour Party ousted from power after 13 years.


The dollar edged higher to 94.79 Japanese yen from 94.38 yen late

yesterday.

 

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