Euro refreshes multi-year low amid debt concerns

08:51, June 08, 2010      

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The euro broke the 1.19 U.S. dollars level for the first time in four years before recovering on Monday as investors continued to worry about debt problems in Europe.

The euro fell below 1.20 dollars on Friday after Hungary warned about its deficit problems. The 16-nation currency continued to weaken, and dropped to as low as 1.1876 dollars in early Monday trading, the lowest since March 2006.

A better-than-expected German industrial orders helped the euro to recover some of the losses, but the debt concerns kept pressuring on the euro.

In late New York trading, the euro dropped to 1.1936 dollars from 1.1967 dollars late Friday, and the British pound edged up to 1.4474 dollars from 1.4459 dollars.

In other trading, the dollar rose to 91.78 Japanese yen from 91. 51 yen, inched up to 1.1618 Swiss francs from 1.1617 francs, but fell to 1.0574 Canadian dollars from 1.0601 Canadian dollars late Friday.



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