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August 13, 2008 Wednesday Sha'aban 10, 1429



Euro plunges vs dollar


LONDON, Aug 12: The euro dived to a fresh six-month low point against the dollar on Tuesday as traders focused on the deteriorating economic health of the eurozone, dealers said.

Falling oil prices also helped prop up the greenback.

In late European deals, the European single currency had clawed back some ground at $1.4901 after earlier touching $1.4816. That was the lowest point since February 26 and compared with $1.4898 late in New York on Monday.

Against the Japanese currency on Tuesday, the dollar dropped to 109.81 yen from 110.10.

Later this week, economic growth data from Germany and the eurozone was expected to pour more cold water on the single currency.

“On Thursday, weak GDP (gross domestic product) data from Germany and the eurozone will highlight the problems of the European economies, putting euro/dollar again under pressure,” said Commerzbank analyst Ulrich Leuchtmann.—AFP







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