The cost to swap euros for dollars has risen to the highest levels since December 2008 due to overwhelming demand for the US currency amid growing uncertainty in Europe over mounting public debt and the health of the financial sector.
An investor wanting to swap euros into dollars now has to pay a premium above London Interbank Offered Rates (Libor) for the first time since the end of 2008 in a sign of the increasing strains in the market.
Investors are demanding dollars as they are increasingly seen as a haven, while many European banks need the US currency to fund dollar loan obligations.
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