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Euro value at a ten-year low

29th December 2011

Those monitoring the stocks of the euro following turmoil in Europe may have noticed a drop in the currency on the markets this morning (December 29th).

Compared to the yen and the dollar, the euro fell to a ten-year low, causing investors to be nervous ahead of an Italian bond sale, Reuters reports.

Carl Hammer, currency strategist at SEB in Stockholm, said: "The auction yesterday was good but today's will be more of a barometer for what appetite will be at the start of next year."

He added that Italy has a massive refinancing need early next year, which is causing worry among forex markets.

The euro was down 0.1 per cent at $1.2922 in Asian trade, its lowest level since January 10th, when the euro hit a low of $1.2860 for the year.

Some encouragement was found at auctions of short-term Italian debt yesterday, but today's stocks are set to be a harsher test.

A report published by Standard & Poor's recently suggested that the eurozone could plummet into a second recession in the coming year.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.