Currency Update-Euro Declines Against the US Dollar
The Euro depreciated against the US Dollar. The EURO-USD exchange rate fell by 0.4457 percent to 1.4037. The fall in value of the Euro was brought about by concerns about the region’s sovereign debt crisis, along with weak economic data which shows a slowdown of economic activity in the region. Industrial orders in the region fell by 1.1 percent in March. Coupling this with the lingering debt crisis in Greece, Portugal and other countries in Europe has induced investors to sell off the Euro, leading to its depreciation against the US Dollar.