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Economic gloom depresses the euro | Economic gloom depresses the euro |
(about 3 hours later) | |
The euro has hit a fresh one-year low against the US dollar amid renewed worries about the health of the European economy. | The euro has hit a fresh one-year low against the US dollar amid renewed worries about the health of the European economy. |
The single currency fell to $1.3933 in Asian trade - its lowest level since September 2007. It later edged up slightly to $1.3938. | |
An increasingly gloomy outlook for the eurozone region has hit the euro hard. | An increasingly gloomy outlook for the eurozone region has hit the euro hard. |
The European Commission believes some countries in the 15-nation bloc are on the brink of recession. | The European Commission believes some countries in the 15-nation bloc are on the brink of recession. |
European jitters | European jitters |
The commission has said that three countries - UK, Germany and Spain - would see two negative quarters of economic growth in a row this year and would therefore be considered to be in recession. | The commission has said that three countries - UK, Germany and Spain - would see two negative quarters of economic growth in a row this year and would therefore be considered to be in recession. |
The commission also downgraded its growth outlook for the second time this year. | The commission also downgraded its growth outlook for the second time this year. |
It said the 15-nation euro bloc would now grow by 1.3% this year, against previous projections of 1.7%. | It said the 15-nation euro bloc would now grow by 1.3% this year, against previous projections of 1.7%. |
As a result, some analysts are predicting that the euro will continue to be weak. | As a result, some analysts are predicting that the euro will continue to be weak. |
"As Europe and even emerging economies struggle from the fall-out of the sub-prime crisis, there is sentiment that the US is doing relatively well compared with the rest of the world," said currency analyst Saburo Matsumoto at Sumitomo Trust Bank. | "As Europe and even emerging economies struggle from the fall-out of the sub-prime crisis, there is sentiment that the US is doing relatively well compared with the rest of the world," said currency analyst Saburo Matsumoto at Sumitomo Trust Bank. |