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According to Reuters, the euro fell to below $1.19 (82.5p) at one point during trading this morning, putting it at its weakest since 2006.
Some analysts have predicted the currency could drop further, with Jonathan Cavenagh of Westpac quoted by the news agency as saying: "There might be a bit of support around the $1.18 handle, but we expect it to fall to $1.15 eventually."
He added the mounting debt problems around Europe mean it is "difficult to see a light at the end of tunnel" for the pan-European currency's prospects.
Investors have instead been turning towards safe haven assets such as the dollar while commodities have fallen, with gold sliding as investors move their money away from the metal in order to account for their losses in other areas, Bloomberg reports.
Posted by Greg Secker
