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Euro hits one-month low

10th November 2011

The euro has dipped to a one-month low in forex trading as fears continue to mount regarding the eurozone and Italian government bonds in particular.

Early trading this morning (November 10th) saw the single currency bottom out at $1.3484, before recovering slightly to $1.3560. Fears regarding Italian yields are therefore mounting that the country may be following the examples of Greece, Portugal and Ireland and keep widening.

"We are bearish on the euro zone, but we do see steady support for the euro from Middle East and Asian sovereign investors," Ankita Dudani, G-10 currency strategist at RBS Global Bankingtold Reuters.

He added that the fair value for the euro in the present market is around the $1.35 to $1.36 mark and heavy positioning against the single currency will likely see it remain around this level for the time being.

Investors are facing a difficult situation regarding Italian government bonds after a vote of no confidence in the country's prime minister Silvio Berlusconi earlier this week led to him pledging to step down once vital economic reforms have been passed.

Posted By Andrew Johnston

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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.