Euro Dropped Near To A 2010 Low Against The US Dollar
During today’s Forex trading session the Euro Dropped Near To A 2010 Low Against The US Dollar while the Japanese yen rallied in the wake of speculation that China is about to revalue the yuan. Forex traders at online broker sites such as Forex WebTrader witnessed the euro suffer against the dollar as fears about Greece’s ability to repay its fiscal debt continue to grow within trading circles.
The euro plummeted very close to its lowest value against its US counterpart this year during today’s trading session as increased doubts about Greece’s ability to tackle its debt crisis continue. Even in light of European Central Bank president, Jean-Claude Trichet announcing that he expected the euro zone to grow at a ‘moderate pace’ during 2010, the euro still fell back against the dollar.
Following the New York Times’ report claiming that China was ready to announce a change to its currency policy, which it is said will involve a ‘small but immediate’ revaluation of the yuan, the Japanese yen made significant gains. The yen often tends to from any advances in the yuan as investors of Asian markets tend to use the yen, Asia’s most liquid and flexible currency, as a proxy for less flexible currencies.
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