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Euro Hits The Skids, Falls Away From Yearly High (RTTNews) - The euro saw notable declines against other majors on Monday in New York as global stocks fell, reducing risk appeal. A disappointing German consumer confidence report also contributed to the weakness. Germany's consumer confidence index for November deteriorated to 4 from 4.2 points in October, a monthly survey conducted by the GfK Group showed today. The consumer climate has recorded a decline for the first time since September 2008, the research group said. Economists were expecting the index to rise to 4.5 for November. Meanwhile, European Central Bank governing council member Christian Noyer said banks should preserve capital instead of paying it to bankers and investors. The euro dropped to a six-day low against the dollar after extending a 14-month high overnight. The European currency fell as low as 1.4884, compared to the long-term high of 1.5062. The euro fell off of an 11-day high against the British pound, moving near 0.9125. The common currency earlier hit as high as 0.9238. The latest quarterly National Business Confidence Survey from KPMG showed that British business confidence improved to the highest level in 18 months. The euro dropped away from a 2 1/2-month high against the yen, falling to 137.10. The European currency had earlier reached 138.47. |
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