14 Feb '11, 11pm

Eurozone debt fears push US dollar higher

NEW YORK: Concern about eurozone debt raised its head again on Monday after weeks of calm, sending the single European currency lower against the greenback. "For the third trading day in a row, the euro lost value against the US dollar," said Kathy Lien, a currency analyst with GTF. "Sovereign debt worries and uncertainty about ECB leadership are the primary reasons why investors sold euros." Weighing on the euro were questions over who will head the ECB after Jean-Claude Trichet's retirement later this year and speculation over the struggling German regional lender WestLB. The euro fell to $1.3486 at 2200 GMT on Monday, down from $1.3567 at the same time on Friday. The euro came under pressure late last week from news of the resignation of Germany's central bank chief Axel Weber, confirming he is no longer in pole position to become the next ECB chief. Berlin said a new G...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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