Euro Hits Two-Year Low

Blaming Spain can only take investors so far. The euro hit a new two-year low Thursday after released minutes of a Federal Reserve meeting revealed the prospects of more U.S. monetary stimulus in coming months is unlikely. The euro fell to $1.21725, its lowest value since mid-2010. The currency has already fallen 5.7 percent so far this year. "The euro is likely to weaken further as it will be hurt by the ECB's decision to cut the deposit rate and there will be a shift in funding," said George Saravelos, G-10 currency strategist at Deutsche Bank. Investors responded to the new euro low by buying the dollar, sending its index to a two-year high of 83.68.