Euro falls to 4 year low against the dollar

Today saw the Euro fall to a new four-year dollar low point under concerns over the European financial sector's ability to weather the eurozone debt and deficit storm, dealers reported.

At about 0850 GMT, the euro dipped to lows of 1.2115 dollars, reaching a level last seen on April 14, 2006.

European stock markets also fell sharply earlier today, as market reports said the European Central Bank had referred to new asset write downs by eurozone banks.

Confidence in the Spanish stock market was also hit in a move by credit rating agency Fitch on Friday to downgrade Spain's rating one notch from the maximum AAA to AA+ owing to the country's poor growth prospects.