05/16/2010

Euro Falls to Lowest Level Since Lehman Collapse as Breakup Concern Grows

The euro fell to its lowest level since the collapse of Lehman Brothers Holdings Inc. on concern that the 16-nation currency may be headed for disintegration.

The shared currency fell for a fourth week versus the dollar and a third week versus the yen, the longest losing streaks since February, as German Chancellor Angela Merkel said that Europe is in a “very, very serious situation” despite a rescue package for the region’s most indebted nations. European Central Bank Governing Council member Axel Weber speaks on financial-market regulation next week in Berlin.

Source

May 16, 2010 12:06:15 AM | Economy

The comments to this entry are closed.

NEXT POST
Euro Erases Gains as Bailout Optimism Wanes The euro fell back already losing all of the gains from yesterday on a continuing concern that the almost $1 trillion lending plan to bail out European nations that are heavily in debt will fail to avert a slowdown in the region. Asian stocks, copper, and U.S. index futures also fell after China’s inflation rate hit an 18-month high. Source
PREVIOUS POST
Gulf States Face `Difficult Reality' of Hurricane-Whipped Oil As oil, tar balls and dead wildlife wash up on the coast of Louisiana from a leaking well at the bottom of the Gulf of Mexico, another threat looms on the horizon -- hurricane season, which officially starts June 1. “It is a very difficult reality for people to fathom right now,” said Courtney Howell, 32, the executive director of Bayou Grace Community Services in Chauvin, Louisiana. “They know how big this threat is, but trying to think about that on top of a hurricane is too much to bear.” Forecasters are calling for 14 to 18 storms with sustained winds of at least 39 miles (62 kilometers) per hour to form in the Atlantic before Nov. 30. Sitting in the Gulf is the slick created by the April 20 explosion aboard the Deepwater Horizon drilling rig, leased by BP Plc from Transocean Ltd. Source