09 Jan '12, 3am

Euro tumbles below US$1.27 in Asia

SINGAPORE: The euro tumbled below $1.27 in Asia on Monday as traders flocked to the dollar following a slew of positive US economic data amid persistent eurozone worries, analysts said. The euro dropped to a low of $1.2665 in early trade before recovering slightly to $1.2695 at 0135 GMT, a level sharply lower than Friday's rate of $1.2792 in New York. The European currency also slumped to 97.72 yen as compared with 98.71 yen on Friday, while the US dollar traded at 77.00 yen from 77.24 yen. "(The) euro declined to a near 16-month low versus the dollar after data showed an impressive US labour market," Phillip Futures said in a report. US nonfarm payrolls data released on Friday showed a 200,000 job gain in December -- sharper than analyst expectations of a 150,000 rise -- as well as the unemployment rate dropping to a 35-month low of 8.5 percent. Stronger US economic data ...

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

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