Euro at a Decade Low Against the Yen | IFCM
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Euro at a Decade Low Against the Yen - 2.1.2012

US Dollar The dollar is either little changed on the first trading day of the year or is dropping slightly against its major counterparts. Trading volumes however are still low so the major currency pairs remain inside their previous ranges. The greenback is trading close to its three-week lows against the Canadian and Australian counterparts and close to a six-week low against the Japanese yen (76.89). Euro In Asian trading hours the single currency traded in a narrow range – 1.2925-1.2972 – against the dollar. At the same time the euro dropped below 100 yen for the first time since June 2001 as Spain estimated the nation’s budget deficit reached 8% of GDP in 2011, more than the previous forecast of 6%, threatening financial stability of the euro zone. Predicting tough times for the region, Luxembourg Prime Minister Jean-Claude Juncker said economic growth in the euro region “isn’t good” and the world economy is growing only in some Asian and African countries. “This means that in 2012 we have to be prepared for the situation to become more foggy” he concluded. Nevertheless German Chancellor Angela Merkel promised in her New Year’s speech to do “everything” to save the euro.
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