23 May '11, 3am

Euro sinks on Greek debt woes

Euro sinks on Greek debt woes

TOKYO: The euro fell against other major currencies in Asia on Monday, weighed down by rekindled worries about eurozone sovereign debt after Greece's credit rating was slashed, dealers said. The euro fell to $1.4083 in Tokyo morning trading from 1.4155 in New York late Friday. The single European currency fetched 115.50 yen, down from 115.66. The dollar rose to 81.99 yen from 81.70 yen. The euro "may face continued selling pressure today, following last week'strend, against the backdrop of sovereign risks," Junichi Ishikawa, FX analyst at IG Markets Securities in Japan, told Dow Jones Newswires. The euro dropped to an all-time low of 1.2348 Swiss francs in early trade before pulling back to 1.2367, against 1.2417 late Friday. The European currency dived after Fitch Ratings on Friday slashed Greece's credit rating by three notches to B+, citing its growing problems in getti...

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

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