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Concerns over the financial health of some European countries caused the currency to drop to $1.4335 versus its US counterpart, before recovering slightly to be priced at $1.4392 at 06:47 GMT, Bloomberg reports.
Greece and Portugal are two nations that are struggling due to the global economic downturn and finance ministers from euro-using countries are to meet today to discuss the former country's finances.
Minoru Shioiri of Mitsubishi UFJ Securities in Japan stated: "Greece's debt woes are keeping a lid on prospects of sovereign solvency in Europe," adding that "investor confidence in the euro is weakening".
The dollar's value may also be set to decline against the yen, as former Japanese currency officer Eisuke Sakakibara recently stated that there is a "high probability" of a fall occurring in the future, the news source reports.
Posted by Greg Secker
