Saturday, 8 May 2010

Euro Falls Most Since Financial Crisis on Contagion Concern

The euro fell the most against the dollar since the collapse of global credit markets in 2008 as the European Central Bank failed to ease concern that Greece’s fiscal crisis would intensify across the region.

“There was blood on the street,” said Samarjit Shankar, a managing director for the foreign-exchange group in Boston at Bank of New York Mellon, the world’s largest custodial bank, with more than $20 trillion in assets under administration. “The focus has been on the inability of European policy makers to come up with something coherent to try to calm investor nerves. There is a faint glimmer of hope that there could be something out of the ordinary that could be announced over the weekend.” more...


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