Emerging markets fall out of love with Euro

Emerging markets are getting rid of their euro reserves en masse making the single currency a weaker rival to the dollar. Data released by the IMF reveals developing countries dumped €45bn ($58.8bn) of euros in 2012, reports FT.com. While the U.S. dollar still constitutes the bulk of their foreign currency reserves, the Australian dollar and […]

By Staff | April 1, 2013 | Last updated on April 1, 2013

1 min read

Emerging markets are getting rid of their euro reserves en masse making the single currency a weaker rival to the dollar.

Data released by the IMF reveals developing countries dumped €45bn ($58.8bn) of euros in 2012, reports FT.com.

While the U.S. dollar still constitutes the bulk of their foreign currency reserves, the Australian dollar and other emerging market currencies are now being preferred to the euro.