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Saturday May 15, 2010 - 07:03:56 GMT
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Euro falls to lowest since 2008 on doubts over the single currency's futureThe euro declined to its lowest against the dollar in one and a half
years on Friday and was down over one percent versus the yen as traders
aggressively sold the euro on concerns that the debt crisis in the
eurozone would affect the long-term viability of the single currency.
The bearish sentiment was exacerbated by the news that French President Nicolas Sarkozy had threatened that France would exit the euro if a rescue plan for Greece and other troubled European nations was not agreed to.Euro fell to as low as 1.2354 and 113.51 against the dollar and yen respectively, with the eur/usd rate now very close to the 2008 low of 1.2330 seen during the height of the global economic crisis when Lehman Brothers collapsed. Sterling also declined versus the greenback but managed to stay above May 7 low of 1.4476. The yen was up across the board as investors flocked to the safe haven currency, sending it up over one percent against the Australian dollar.Stock markets in Europe tumbled over three percent on worries that the latest austerity measures announced by countries such as Greece and Spain would hamper growth in the euro region. The Dow ended the day down one and a half percent on poor earnings results from retailers and a decline in financial stocks. Gold retreated to around $1232 after hitting a record high earlier in the week at just above $1149.
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