Dealers said the euro was being pressured by speculation that the European Central Bank will be forced to cut interest rates to promote growth as the euro zone economy slows and inflationary pressures ease. -- PHOTO: AGENCE FRANCE-PRESSE
TOKYO - THE euro dropped below US$1.30 (S$1.94) on Wednesday for the first time since February 2007, hit by growing concerns about the outlook for the euro zone economies, dealers said.
The single European currency fell to US$1.2968 in Tokyo morning trade, down from US$1.3073 in New York late on Tuesday.
Dealers said the euro was being pressured by speculation that the European Central Bank will be forced to cut interest rates to promote growth as the euro zone economy slows and inflationary pressures ease. -- AFP
