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Dominique Strauss-Kahn (File photo)
Dominique Strauss-Kahn (File photo)
Image: AP Photo/J. Scott Applewhite

Euro hits six-week low against dollar following Strauss-Kahn arrest

The single currency fell briefly before trading up by mid-morning on the London Stock Exchange.
May 16th 2011, 10:25 AM 675 0

THE EURO BRIEFLY fell to a six-week low against the dollar on Monday as traders had their first chance to react to the weekend arrest of the International Monetary Fund’s (IMF) managing director Dominique Strauss-Kahn on charges he sexually assaulted a maid in his hotel room.

However, the selling pressure did not last long and the euro was trading up 0.4 percent by mid-morning in London at $1.4132.

Earlier, during Asian trading hours, the single currency had fallen as low as $1.4046, its lowest level since 29 March.

Analysts said the arrest of Strauss-Kahn in New York was unlikely to derail a €78 billion bailout of Portugal or alter discussions about whether Greece will need any more aid, on top of last year’s €110 billion financial rescue.

- AP

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