Euro Falls on Euro Debt Concerns

The euro fell half a percent to $1.3901 by 7:57 am in New York after touching a four-month high yesterday. The sell-off was triggered by Moody’s downgrading of Greece which brought the euro debt crisis back into focus.

“There is a risk that events in the euro zone will tilt the balance” for the currency, said Neil Mellor, a London-based strategist at Bank of New York Mellon Corp. “I wouldn’t want to be particularly long the euro at the moment.”

Source: Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.