Tuesday, August 9, 2011

Euro Falls From Highest Level After 1 Month S & P Comments About Greece

The euro slipped from the level of one-month highs against the dollar after Standard & Poor's said that Greece's debt rollover plan is being considered to put the Greeks to the selective default, although hopes for Greece supported the second bailout.

The euro has reached its highest level at $ 1.4580 a month earlier after a weekend decision by eurozone finance ministers to agree to loan 12 billion euros are needed to prevent default. The euro fell from around $ 1.4550 to as low as $ 1.4491 immediately after the comment the S & P. The euro closed at $ 1.4526 level close early because the American Independence Day holiday.

Australian dollar fell 0.4 percent to $ 1.0735 after shocking report in the Australian retail sales. Reserve Bank of Australia is expected to keep rates on hold on Tuesday at 4.75 percent level.



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