Those using their
private wealth to trade on the currency markets have seen the euro fall to a four-year low against the dollar during this morning’s (May 17th’s) session.
It dipped to a low of around $1.2230 (84.9p) against its US counterpart, as concerns mounted over the state of the eurozone economy.
Worries over sovereign debt in countries such as Greece continue to affect the markets and Kenneth Broux of Lloyds Banking Group was quoted by Reuters as saying a further fall is likely.
’The euro is a one-way trade right now and capitulation is on my mind. I can see a move towards $1.2000 at least,’ he stated.
Stuart Bennett of Credit Agricole added ’fiscal and economic concerns’ will limit the strength of the euro ’for the foreseeable future’.
Concerns over the state of eurozone economies have prompted investors to use their
private wealth to buy gold.
The metal reached a record high of around $1,248 last week.
