Posted On: July 09, 2012
The value of the shared currency of the European Union dropped to its lowest rate in 24 months against the world's reserve currency on Monday, Bloomberg reports
As euro zone finance ministers convene in Brussels to follow up on last month's meeting, the embattled monetary unit slid toward its lowest level since July 2010. The currency was minimally changed from its closing value against the U.S. dollar this past Friday.
"The euro group has to provide a lot of nuts and bolts to what had been decided at the European Union summit," head of currency strategy Ulrich Leuchtmann with Commerzbank AG in Frankfurt told the news service.
Pierre Moscovici, finance minister of France, told the news service that boosting the solvency of Spanish banks is the focus of the meeting and moving quickly on the issue will be important.
the meeting will include follow-up steps to last month's meeting in Brussels that resulted in a plan drafted to focus on aiding states and banks that are indebted. Increasing bond yields in Spain and Italy are forecast to continue pressuring the euro.
Category: Industry News
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