Investors move away from the euro

Worries regarding the financial stability of some European countries have caused the value of the euro to fall for a fourth consecutive day.

The currency has dipped as investors look to move their personal wealth out of risky assets, due to concerns about the widening budget deficits in Greece and Portugal in particular, Bloomberg reports.

At 06:52 GMT today (February 8th), the European currency was down to $1.3632 (87.7p) against the dollar, a further retreat from the $1.3678 it was priced at in New York on Friday.

Compared to its Japanese counterpart, it slid to 121.73 yen (87.4p) - an 11-month low - having been priced at 122.09 yen at the end of last week.

Susumu Kato of Credit Agricole Securities in Tokyo told the news source that it remains ’unclear’ how the financial issues in the countries will affect the euro.

’As sovereign risks spread in the eurozone, risk aversion will continue in the market,’ he added.

However, there was some positive news for investors trading European stocks, as the FTSEurofirst 300 index was up 0.5 per cent in early trading.ADNFCR-2318-ID-19602385-ADNFCR