Euro Sinks To Nine-Year Low Against Dollar

The euro has dropped to a nine-year low against the US dollar as investor fears over growth prospects continue to grow.

On Monday morning the currency dropped 1.2% in value to €1.19, the weakest spot exchange rate since early 2006.

The pound was worth almost €1.28 on spot markets - helping UK travellers to the continent.

The euro sell-off comes amid doubts that a new quantitative easing (QE) programme, hinted at by European Central Bank (ECB) boss Mario Draghi, will help the ailing currency.

Concerns have also been raised about a Greek left-wing government taking power - cutting austerity reforms - just months after it clawed its way out of a lengthy recession.

The latest sell-off comes as a poll by the Financial Times of 32 leading eurozone economists casts doubt on the effectiveness of any QE programme by the ECB.

A majority believe the ECB will launch a major recovery plan this year, as growth and inflation both continue to weaken in the 19-nation currency bloc.

Some put a possible QE programme at €500 (£390bn) while others believe it may top €1tn (£780bn).

The ECB previously said it and Mr Draghi supported an extension of its monetary policy to help the eurozone recover.

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