The euro hit an 18-month low versus the dollar and global shares fell sharply over fears
Worries about fallout from the euro zone debt crisis spurred appetite for safer investments, pushing gold to a record high and supporting demand for US Treasuries. The dollar reached its strongest in a year versus a basket of key currencies.
Stocks and commodity prices plunged, despite data showing
“If you look long-term, everyone is worried about what these austerity measures will mean in terms of growth,” said Kathy Lien, director of currency research at GFT in
The Dow Jones industrial average dropped 178.74 points, or 1.66 per cent, to 10,604.21. The Standard & Poor’s 500 Index fell 23.91 points, or 2.07 per cent, to 1,133.53. The Nasdaq Composite Index lost 55.21 points, or 2.31 per cent, to 2,339.15.
The euro slid as low $1.2365 on electronic trading platform EBS, the lowest since October 2008. It last traded at $1.2380. “The euro hasn’t derived any benefits from any budget cuts from
Monday, May 17, 2010
Euro hits 18-month low, world stocks fall
Industry Research Reports
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