Euro slides as debt crisis worsens
Singapore - The euro touched a record low against the Swiss franc as concern over Europe's sovereign debt crisis deepened, reducing the appeal of the region's assets.
The 17-nation currency reached the lowest in a week against the dollar after Spain's Socialist party suffered its worst electoral defeat in more than 30 years and Standard & Poor's on May 20 said it may lower Italy's credit rating. The dollar strengthened versus all of its major counterparts as declines in Asian stocks spurred demand for safer assets.
"The weekend overall, including the Spanish elections, has just provided another reason to be uneasy about the European sovereign-debt situation," said Sean Callow, a senior currency strategist at Westpac Banking Corp in Sydney. "It's another negative for the euro."
