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Reuters has reported that the European currency fell to a six-week low today (May 10th 2011) against the Japanese yen.
The euro also dropped to its lowest level against the British pound for a month, coming in at £0.8735.
It is thought that the decline is partially the result of declining oil costs seen last week.
Indeed, US crude futures CLc1 dropped by almost two per cent, causing a ripple effect in the value of world currencies.
The decline for the euro may have also been because of the growing problem of the European Union failing to manage Greece's huge financial deficit.
According to the Wall Street Journal, the reduction in the nation's credit rating by Standard & Poor earlier this week has highlighted the concern that Greece's debt may not be sustainable.
Posted by Greg Secker
