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Euro falls on EFSF expansion collapse

28th September 2011

The euro has taken a dive in trading yesterday afternoon (September 27th) following a dragging of feet in talks over a possible expansion to the European Financial Stability Facility (EFSF) bailout fund.

Ministers in the eurozone are not moving quickly enough to resolve this issue and this has had the effect of spooking investors, resulting in a drop in the euro in yesterday's forex trading.

Daragh Maher, senior currency strategist at Credit Agricole in London, told the Wall Street Journal: "We have seen some kind of consolidation and a bit more poise come into the market. But the underlying theme remains 'buy the dollar and sell the euro on rallies'."

Markets now remain nervous as the ongoing eurozone worries continue to impact other regions.

George Saravelos, G10 FX strategist at Deutsche Bank, yesterday told Reuters the situation looks "pretty negative for the euro", despite the fact the currency showed signs of rallying against the dollar, coming back from a ten-year low last week.

Posted by Andrew Johnston

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