Tuesday, November 9, 2010

Euro declines on concerns over eurozone health - The Economic Times

Euro declines on concerns over eurozone health - The Economic Times: "TOKYO: The euro lost ground against major currencies on Tuesday as the European single currency faced continued selling pressure over fears about the health of the eurozone, dealers said.

The euro was trading at 1.3862 dollars, down from 1.3917 in New York, while falling to 112.22 yen from 113.02 yen.

It declined in New York on Monday against the dollar, reflecting concern for the fate of several debt-saddled eurozone governments, notably Portugal, Ireland and Greece.

The Irish government plans to cut spending and raise taxes to help bring its deficit down below the eurozone target of three percent of gross domestic product by 2014.

Ireland was the first eurozone member nation to slide into recession in 2008, its economy hit hard by the global financial crisis, a property meltdown and soaring unemployment.

Meanwhile fears over Greek sovereign debt eased slightly after Sunday's local elections provided a strong mandate for the government to pursue its own fiscal austerity plans."

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