Euro Extends Slide Against Majors

Euro Extends Slide Against Majors


The euro has been extending its slide against most major currencies in European deals on Friday after reports said that the Spanish 10-year benchmark yields climbed back above the critical threshold of 7 percent, despite both German and Finnish parliaments approval of the aid funds directed to the Spanish banking system.
Finland's parliament approved a Eurozone-sponsored rescue deal for Spanish banks and the collateral deal struck by the country with Spain, during a confidence vote today. While 109 lawmakers voted in favor, 73 opposed the motion and 17 were absent. The opposition parties raised strong criticism against the bailout package.
Meanwhile, the German parliament has also approved a EUR100 billion ($122 billion) financial rescue package to shore up Spain's distressed banks. The Bundestag, the lower house of parliament, which was recalled from its summer break for an emergency session on Thursday, passed with 473 votes a legislation on the euro zone's first bailout package for debt-laden Spain, reports said.
The euro is trading at a 2-day low of 1.2228 against the dollar and a fresh 7-week low of 96.08 against the yen.
The euro is also trading as low as 0.7795 against the pound, 1.1765 against the Australian dollar and 1.2339 against the Canadian dollar.


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