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Euro at 10-year low against the yen

12th September 2011

The euro has fallen to a 10-year low against the yen today (September 12th) amid fears of a collapse in the Greek economy.

A risk of contagion from the stricken economy has resulted in the European currency suffering in forex trading against a lack of investor confidence, with the euro falling to 103.90 yen - a drop of 1.7 per cent.

It is now trading at 104.50 yen - still down by 1.3 per cent on the day - but the currency remains in a precarious situation against safe-haven inflows.

"Bargain hunting has lifted the euro a bit higher in the European session but clearly it is vulnerable to downside risks in the coming days and weeks," Jane Foley, senior currency strategist at Rabobank, told Reuters.

She added that as speculation over a Greek default increases, investors will look to "sell into rallies".

Daily Forex reports the dollar also proved strong against the euro over the last seven days, climbing 3.1 per cent to close at 1.3817.

Posted by Andrew Henderson
 

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