Euro Fell Sharply Against Most Other Currency Pairs
Traders at HY Markets and various other Forex brokers saw the Euro fall sharply against most other currency pairs amidst continuing fear surrounding the sovereign debt crisis being experienced in Greece and Portugal along with speculation that China could be dumping many of its Euro holdings.
Traders have started to give the Euro a wide berth as speculation continues to grow regarding Greece’s ability to repay its huge fiscal debts. The Euro zone crisis has been slowly strangling the single European currency for months with speculation that the Euro may even collapse completely.
A report in Wednesday’s Financial Times stated that China was meeting with foreign bankers to discuss its holdings of euro-zone debt. This has further spurred concerns and saw the Euro fall further.
On Wednesday traders at HY Markets saw the Euro fall to $1.2177 against the US dollar during the late-afternoon session. The Euro also fell from Y109.56 to Y110.98 against the Japanese Yen on Wednesday, creating some opportunities to profit from the volatile Euro pairs.
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