Euro Moves Lower Against Other Majors, Thursday, August 09, 2007 4:00:37 PM

The euro saw weakness against its major counterparts on Thursday. The currency hit its lowest levels in around a week against the dollar, sterling and yen. In a statement released this morning French bank BNB Paribas announced it was forced to suspend three funds worth a total of $2.75 billion in USD. The bank said that the “complete evaporation of liquidity” in areas of the U.S. lending market was the culprit behind the freezing of the funds.

The euro moved lower against the dollar on Thursday morning in New York and hit a weekly low. The European currency began to move lower at 2 a.m. ET and added further losses throughout the morning. The euro got as low as 1.3656 at 9 a.m. ET. It bounced back in the later morning but edged lower again in the afternoon.

The euro was down against the sterling in late morning trading and moved to a six-day low. The European currency dropped sharply at around 8:30 a.m. to fall below a range. It got as low as 0.6746 at 10:30 a.m. ET. The euro bounced back in the afternoon and moved at 0.6758 at 3:40 p.m. ET.

The euro fell against the yen on Thursday in New York and found a nine-day low. The currency began to decline at around 2:30 a.m. ET and moved as low as 161.51 at 9 a.m. ET. It rebounded in the late morning, but slipped again in the afternoon to get back near the low.

Copyright © 2007 RTTNews.com. All Rights Reserved.