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Greece Default Fears Drag Euro Lower

Renewed fears of Greece defaulting on its debt obligations has investors abandoning the euro for the safety of the less volatile yen. This activity has pushed the euro to the lowest level against the yen since June, 2001.

With the Swiss National Bank invoking a series of actions to stem the Swiss franc’s appeal as a safe haven currency, the yen has come under even more buying pressure. As a result, the euro dropped 0.9 percent to 105.07 yen at 7:57 a.m. in New York, from 105.99 on Sept. 9, after sliding to 103.90. Against the dollar, the euro traded at $1.3636 after decreasing to $1.3495, the weakest since Feb. 15.

Source: Bloomberg [1]

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Scott Boyd

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