Euro down over concerns of fiscal tightening
The euro fell to a one week low against the US dollar and fell dramatically against the Swiss franc as investors steered away from the euro currency over concerns that fiscal tightening would lead to slower European growth.
During the New York trading session, the euro fell 0.6% against the US dollar and 0.9% against the yen, ending the session at $1.2542 and 116.53 yen respectively. The euro also hit a record low against the Swiss franc, ending a torid New York trading session at 1.3997 francs.
Elsewhere, the Australian dollar rose 0.4% against the US dollar and sterling fell by 0.9% against the US dollar after data showed that the deficit had widened more than expected during March.