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Euro dips against US dollar

12-15-2011 15:49 BJT

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The euro dipped below 1.3 against the U.S. dollar on Wednesday, as concerns over the threat of sovereign downgrades and elevated peripheral bond yields weigh on the single currency.

Italy's Treasury sold the full target amount of three billion euro of five-year government bonds on Wednesday, at an average yield of 6.47 percent. After the auction, yield on Italian 10-year bonds was above the critical 7 percent threshold.

Sentiment on the euro has been hit in recent days, by the view that last week's EU summit did not result in concrete plans to tackle the debt crisis in the region.

Earlier this week, German Chancellor Angela Merkel reiterated her opposition to increasing the 500 billion euro lending limit for the permanent euro zone bailout fund.

The drop of the euro was also partly caused concerns of more rating downgrades for the eurozone.

 

Editor:Liu Fang |Source: CNTV.CN

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