Currency exchange hits 4-year low

The currency exchange rate on the euro has reached a four-year low.

Further concerns surrounding the debts of certain European countries prompted the continued decline of the currency this morning (Monday May 17th).

Analysts expressed concerns over the austerity measures implemented in Greece and other countries, which they feared could hold back economic growth in the eurozone.

John Kyriakopoulos, from the National Australia Bank in Sydney, told the BBC: "Concerns that severe fiscal austerity in the eurozone will crush growth in the region continues to weigh [on the euro]."

Against the dollar, the currency dropped to $1.228 at 10:00 BST this morning.

The euro has also fallen against sterling, reaching £0.852 this morning, approaching a year's low of £0.843.

Despite a £750 billion bail out package pledged to Greece by the European Union and the International Monetary Fund, the markets continued to drop along with currency exchange rates.

Click here to see how much you can save with HiFX's Foreign Exchange services

Posted by Sarah Pitton