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Euro concerns over Russia sanctions

Wednesday, July 23 09:22:54

The euro hit an eight-month low against the dollar on Wednesday as worries over tougher sanctions on Russia and their potential impact on fragile euro zone growth drove investors away from the single currency.

The euro also fell against sterling, which was supported ahead of the latest minutes from the Bank of England's Monetary Policy Committee, due at 0830 GMT. Markets will be looking for any signs of when an interest rate hike might come, with any move to a more hawkish tone likely to boost sterling further.

The Australian dollar rose over half a percent against the U.S. dollar, boosted by a higher-than-expected reading of a key gauge of underlying inflation in June, denting market speculation of future rate cuts.

The euro's weakness was broad-based, dropping to its lowest in nearly two years against the British pound. The single currency fell to 78.83 pence, its lowest since August 2012.

Against the dollar, the euro fell to $1.3455, its lowest since November 2013, with investors eying more losses in coming days. The euro was down 0.2 percent against the yen at 136.45 yen, trading near its lowest in more than five months.


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