The Euro Is Getting Absolutely Destroyed Today

We noted earlier that the euro had sunk below $1.22—an important benchmark value for the currency.

But it just keeps continuing to fall, now hitting new lows of $1.2172.

Rising European bond yields in the secondary market and a sinking value of the currency generally indicate increasing doubts about the European economy. However, a cheaper euro is ultimately better for struggling European economies like Italy and Spain, as labour and exports become cheaper, too.

That said, it’s hard to believe right now that the Italian and Spanish economies will be able to pick up quickly enough to allow both countries to grow out of their problems in the current situation.

Here’s a look at how the currency has performed so far today:

eur/usd

Photo: DailyFX

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.