Euro dives against USD as Italy’s sovereign rating falls and amid ECB statements

Exchange market

YEREVAN, July 10./ARKA/. Euro rates tumbled  against USD on Tuesday as ECB Governing Council member Jörg Asmussen spoke about the future monetary policy and Italy’s sovereign rating was downgraded, Russia’s RIA Novosti reported today.

By the end of the trades, the euro fell against USD to 1.2781 USD from a day’s earlier 1.2870. USD dropped against the yen to 101,15 yens per $1 from 100,97. Against the main six currencies, USD inched up to 84.59 points from Monday’s 84.17.

Asmussen said the ECB will maintain soft monetary policy and its current interest rate at current 0.5%.

S&P downgraded sovereign rating of Italy from ВВВ to ВВВ amid the deteriorating economic situation in the country. —0-

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