Euro drops to two-year record low versus US Dollar

Source: Bloomberg
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The 17-nation currency plunged to almost two-year record low on Wednesday boosted by growing concerns over rising tensions across Europe. Italy auctioned less than planned amount of debt at surging yields. Spain kept struggling with its indebted banks and loss in investor confidence. European Commission's announcement permanent bailout fund should inject money directly into banks was not supported by main creditor countries. Euro tumbled 1.1% versus greenback to USD 1.2367 and dropped 1.6% versus Yen to JPY 97.79. Currently EUR/USD is trading at USD 1.2386.
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Thu, 31 May 2012 07:41:06 GMT

Lonnie weakens to one-week low on Spanish turmoil

Canadian currency fell to one-week record low as banking crisis in Spain fuelled worries, European debt woe is accelerating. Lonnie fell 0.8% versus US Dollar to CAD 1.0301 in Toronto session. Canadian Dollar is headed for a 4.2% drop in May. Currently USD/CAD is trading at CAD 1.0282.

Thu, 31 May 2012 07:19:07 GMT

European Commission calls for direct aid for indebted banks

On Wednesday European Commission supported Spain in offering than prospective permanent bailout fund inject money into banks rather than channel cash through countries' governments. Proposals for direct aid meet resistance from main creditor nations Finland, Germany and the Netherlands. Common currency plunged versus US Dollar to almost two-year record low at USD 1.2386. 

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