Economic concerns forces euro to dip

CONCERNS about the state of eurozone economies has forced the currency down from the high of just under $1.20 to the dollar it hit at the end of May.

Economists say the figure of $1.20 will be achieved again in the months ahead despite Germany’s efforts to pressure the ECB into initiating a lower euro exchange rate policy.

Sterling, which has also recovered against the euro in tandem with the dollar’s rise, is currently trading at 69p but should revert back close to the peak level of 73p reached at the end of May as dollar weakness returns.