Struggling Euro drops to lowest level since 2001
Published 12/09/2011 | 08:22
The euro dropped to its lowest level since 2001 against the yen and oil declined for a third day in New York, the longest losing streak in a month, amid growing concern that Europe is struggling to right the euro zone debt crisis.
The Dollar Index climbed for a third day to its strongest level in more than six months as investors bought the safest assets.
The yen advanced versus all of its 16 major peers.
The Australian and New Zealand dollars weakened as Asian stocks extended a global slump amid reports that the three largest French banks may have their credit ratings lowered.
The euro dropped 1.5pc to 104.37 yen overnight in Tokyo from 105.99 yen on Friday and earlier slid to 104.27. This is the lowest since June 2001.
German Chancellor Angela Merkel is due to hold talks on the debt crisis with European Commission President Jose Manuel Barroso today.