29 Dec '11, 1am

Euro sinks to 11-month low on concerns over Italy's financial stability

The euro plunged below the US$1.30 line on Wednesday to its lowest level since Jan 11, hit by new nerves over Italy's ability to maintain financial stability. -- PHOTO: REUTERS NEW YORK (AFP) - The euro plunged below the US$1.30 line on Wednesday to its lowest level since Jan 11, hit by new nerves over Italy's ability to maintain financial stability. Steady early in the day, the euro took a sharp dive after US markets opened to as low as US$1.2912 before rebounding slightly. At 6am Singapore time, the euro was trading at US$1.2934, down from US$1.3070 late Tuesday. 'With the overhanging fear about the euro zone sovereign debt crisis, the opening of US cash equity trading saw a flight to safety and a move into safe haven currencies like the Japanese yen and US dollar,' said MoneyCorp analyst Mark Deans. There was some encouragement at first when Italy raised 9.0 billion eur...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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