The global finance sector is shocked to know that Euro against Dollar recorded a two weeks low. Aside to this a fall was noticed against Yen on the last day of the previous week that is on Friday, 26th of October, 2012. The traders of the share market are citing their concern for Greece for the possibility of it to miss the austerity targets as well as for the uncertainty in political life of Athens.
A 0.3 % fall was noticed in Euro, getting down to $1.2893, from two weeks back record of $1.3140 on 17th October. A 1% drop in value against Yen also noticed in Euro which is a 10 day low record. The present scenario of Euro gives a picture of great uncertainty about the condition when Spain will look for a bailout which in turn may trigger the bond buying program laid down by the European Central Bank.
A meeting was conducted between Spanish Prime Minister Mariano Rajoy and alian Prime Minister Mario Monti, although the expectations out from the meeting are negligible. Expectations are made that Italy with try to give a push to Spain to look for a bail out for lowering the borrowing cost for the peripheral euro zone countries.