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Euro sinks to mutli-month lows

07 january 2012, 14:13
Currency exchange office shows the rate of exchange between US dollar and euro. ©AFP
Currency exchange office shows the rate of exchange between US dollar and euro. ©AFP
The euro fell below $1.28 for the first time since in 16 months on Friday, as the eurozone debt crisis rolled on, AFP reports.

The euro tumbled as low as $1.2698, a level last seen in early September 2010, extending losses after breaching $1.28 earlier this week as US economic data supported the dollar.

By 1900 GMT the single currency had rebounded to $1.2792, near Thursday's level, but the malaise remained.

"The euro continued its spiral downwards today as US nonfarm payrolls came in at a very healthy 200,000 jobs and the unemployment rate fell to its lowest level since February 2009," said analyst Ian O'Sullivan at traders Spread Co.

"We still think $1.27 is going to go and we may see $1.25 hit within a few weeks at this rate. The United States continues to produce healthy economic numbers as Europe teeters on the brink of collapse," O'Sullivan said.

But some say there is light at the end of the tunnel for the euro crisis, even if that light remained some way away.

"While it will take months if not years for the European debt crisis to be fully resolved, the euro is set to rebound once the uncertainty over the future of the Eurozone begins to fall," said Michael Woolfolk of BNY Mellon.

"This point will be reached once European government bond yields begin to decline again on a sustained basis. Until then, the dollar will remain the safe-haven currency of first and last resort."

The dollar rose to 77.24 yen versus 76.71 yen the day before.

The yuan weakened to 6.3012 to the dollar, against 6.2943 a day before.

The pound fetched $1.5493 versus $1.5616.

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