Germany’s President Resigns, Euro Plunges

The euro went down today after Germany’s president unexpectedly resigned and on the concerns that the measures taken to contain the debt crisis may hurt the European economy.
Horst Koehler announced yesterday the decision to leave his post as the President of Germany, making it harder for the Chancellor Angela Merkel to fight with the EU troubles. The unemployment rate in the Eurozone rose from 10 percent in March to 10.1 percent in April, the highest rate since June 1998.
The experts say that the euro should come closer to the “fair price” to attract the investors. The economists think that the “fair price” is about $1.20.
EUR/USD fell to about 1.2276 today as of 16:52 GMT after opening at 1.2305. EUR/GBP plunged to 0.8356 from its opening price of 0.8460. EUR/JPY traded near 111.95.

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