Thursday, 13 May 2010

EUR near 14 month Low versus the USD

The EUR fell for a 3rd day versus the USD on concerns economic tightening might hinder economic growth in the region and as turmoil over sovereign debt issues persist. The EUR dropped close to a 14-month low versus the USD. The Pound also came under pressure today as the U.K. is also likely to have to take painful measures to reduce deficits.

The EUR slid to $1.2545, from $1.2614 yesterday. It touched $1.2529 on May 6, the lowest level since March 2009. It traded at 116.42 yen, from 117.62. The Yen is at 92.78 per USD, from 93.24 yesterday.

Crude Oil tumbled to a 12-week low in New York as the strong US Dollar curbed the appeal of commodities as an alternative investment. Crude oil for June delivery fell $1.21, or 1.6%, to $74.44 a barrel.