Wednesday, December 28, 2011

Euro drops to near 10 year low

Dec. 28 (Bloomberg) -- The euro dropped against the yen to almost the lowest level since 2001 as the European Central Bank’s balance sheet soared to a record after it lent regional banks more money last week to keep credit flowing.
The 17-nation currency fell against the dollar to the lowest level since January as concern increased that the region’s sovereign-debt crisis will curb growth, even as rates fell at an Italian bill sale. The dollar gained as stocks dropped, boosting demand for haven assets. The yen gained on a safety bid after a U.S. Treasury report criticized Japan for intervening in the currency market and as economic reports signaled slowing economic growth.