Euro falls versus USD, yen, pound

The euro fell in relation to the US dollar and the Japanese yen on Monday on a statement from the International Monetary Fund which said Europe does not adequately appreciate the need for stimulation of the Eurozone economy as well as on increased expectations that the European Central Bank will cut interest rates when it meets next.

At just past noon in New York a euro was worth $1.3353 while it took ¥118.7942 to buy a euro and ¥88.965 to buy a US dollar.

Meanwhile, the pound weakened versus the US dollar, the euro and the yen on declines in equities markets and on a report from the Confederation of British Industry which said that profits and revenues in the UK financial sector declined at a record rate in the fourth quarter of 2008.

The pound traded at 89.99p to the euro in New York while at the same time it took $1.4839 or ¥132.0151 to buy a pound.

The yen was also up against the Australian and New Zealand dollars on the chance that investors will again step away from risky carry trades financed by the low-yielding yen, trading at ¥60.6029 to the Australian dollar and at ¥51.5607 to the New Zealand currency by midday in New York.

Story link: Euro falls versus USD, yen, pound