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Euro falls vs dollar on Greek political turmoil
Published:
Wednesday, May 9, 2012
NEW YORK—The euro fell against the dollar yesterday on growing uncertainty about Greece’s government and whether the country will continue to be part of the euro. The euro fell to US$1.3030 in late trading yesterday from US$1.3050 late Monday.
After a weekend election, Greek leaders failed to create a new government yesterday. One party leader said Greece’s commitment to budget cutting is no longer valid because voters rejected those deals. The comments worried traders because Greece needs to stay on its austerity programme to get it next batch of bailout money.
Going off the programme could force Greece out of Europe’s shared currency. Europe had pushed through budget cuts, but the election results in France this weekend proved that voters are against them.
In other trading yesterday, the British pound fell to US$1.6165 from US$1.6184. The dollar rose to 0.9219 Swiss franc from 0.9205 Swiss franc and to 99.86 Canadian cents from 99.32 Canadian cents. The dollar fell to 79.79 Japanese yen from 79.94 yen.
AP
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