EURO WEAKENS FURTHER AGAINST THE DOLLAR AND THE POUND

BRUSSELS, OCTOBER 15 /SRNA/ - The euro continued to weaken against other currencies this week and is currently at its lowest level against the US dollar since May last year and against the British pound since early June last year, Euronews reported today.

The euro has weakened despite the European Central Bank raising interest rates at two consecutive meetings.

Factors weighing on the European currency include shocks in energy markets, France’s debt crisis, and the global strengthening of the dollar.

The euro is currently trading at $1.121 and £0.846, meaning it has lost more than five percent of its value since the end of August this year.

This has erased the recovery that the euro had previously achieved over the summer.