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Currency: The euro declined to address major currencies, tensions in Europe  

 


The euro continued its decline on Monday at the opening of European trading against the dollar, yen, Swiss franc and the pound because of tensions on European financial markets and the lack of response to the Following the summit in Paris, according to analysts. Towards 09H00 GMT (11:00 Paris), the euro bought 1.3551 dollars against 1.3781 dollars Friday evening. In Asia, the Japanese currency derived from its low interest rates and lower risk to investors: it operating at levels close to mid-September up to 102.85 yen per dollar, down its highest in two years.

 

  The dollar fell ¬ ment still face strong yen to 103.37 yen against 105.27 yen at the end of last week.
• The euro was also sharply lower face qippone currency to 140.43 yen against 145.16 Friday evening, after touching the lowest under 140 yen per euro, reached level since March 2006.
The euro hit a new more against the dollar since more than fourteen months, to 1.3544 dollar Monday morning. The euro reached a level reached since 23 August 2007 and accumulated a loss of more than 15% from its record of 15 July at 1.6038 dollar. If the dollar benefited from final adoption of the plan Paulson by the House of Representatives Friday, by 263 votes against 171, the euro suffers its problems now affecting European financial institutions. Since Friday the positive vote of the House of Representatives on the $ 700 billion for U.S. banks, markets are concerned about the developments of the financial crisis in Europe and the lack of response of the institutions.
"The challenges that will face the U.S. financial sector, and fears on the fact that the official responses have lacked coordination this weekend, weigh heavily on European currencies" commented analysts from Barclays Capital.
During the weekend, Germany, Austria and Denmark have tried to reassure their investors by announcing exceptional guarantees for deposits of individuals, individuals, in the wake of similar measures adopted in alone on September 30 by Ireland.
The growing financial turmoil again after the takeover by BNP Paribas of Belgian and Luxembourg Fortis and while Hypo Real Estate (HRE), the fourth largest bank in Germany, is on the verge of bankruptcy and the subject of a government rescue plan. Scholarships were falling over 5% Monday morning.
Markets now turn their gaze to the meeting should bring together ministers Friday • G7 Finance, pending any announcement of coordinated measures as an example of liquidity injections or the decisions of lower rates of interest speech Tuesday by the interest. From the U.S. Federal Reserve, Ben Bernanke, will also be observed under the microscope, looking for any hint about a possible decline in tauic in the U.S. by the Fed. The British currency rose facing the European currency, to 77.07 pence per euro, returning with levels achieved more since last March, and fell face the greenback at 1.7570 dollar. The Swiss-currency rose against the euro at 1.5517 • Swiss francs to the euro and fell against the dollar to 1.1424 Swiss francs to the dollar. The ounce of gold was 834.95 dollars against 828 dollars at auction Friday evening.
 
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