Euro plunges vs dollar

Published August 13, 2008

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

Opinion

Editorial

Doctor attacked
09 Jun, 2026

Doctor attacked

AN act of reprehensible violence has shaken the medical community. On Saturday, an employee of the Provincial Civil...
AJK flare-up
Updated 09 Jun, 2026

AJK flare-up

The situation started deteriorating after a trader affiliated with the JAAC was reportedly shot in an altercation with law-enforcers.
Fault lines
09 Jun, 2026

Fault lines

THE April 8 ceasefire that halted hostilities between Israel and Iran has encountered its most serious test yet....
Soft on traders
08 Jun, 2026

Soft on traders

THE Fixed Tax Asaan Scheme for traders with an annual turnover of up to Rs200m has been designed as a ‘pragmatic...
Ceasefire in name
Updated 08 Jun, 2026

Ceasefire in name

Both sides accuse the other of violating the truce that was supposed to halt the conflict in April, yet neither appears willing to abandon negotiations altogether.
Damaged childhoods
08 Jun, 2026

Damaged childhoods

CHILD abuse is so prevalent that the UN ranked Pakistan as the least safe country for children. Even so, more than...