The euro dropped to its lowest level since 2001 against the yen and slid versus the dollar as speculation German Chancellor Angela Merkel is preparing for a Greek default curbed demand for the 17-nation currency.
The Dollar Index, which tracks the greenback against six U.S. trading partners, climbed to an almost seven-month high as fresh Greek austerity plans failed to calm financial-market stress in the euro area. The yen advanced at least 1 percent versus all of its 16 major peers. The Australian and New Zealand dollars weakened as stocks slumped and amid reports France's three largest banks may have their credit ratings lowered.
"There's always the underlying risk of a Greek default," said Chris Walker, a foreign-exchange strategist at UBS AG in London. "Markets are pricing that in right now."
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
