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| Euro continues near 11-week dollar low | |
| (about 2 hours later) | |
| The euro remains near an 11-week low against the US dollar as European debt concerns continue to focus on Portugal. | |
| With the Portuguese government due to auction 500m euros ($651m; £418m) of bonds later, analysts are waiting to see the extent of market interest. | With the Portuguese government due to auction 500m euros ($651m; £418m) of bonds later, analysts are waiting to see the extent of market interest. |
| It comes a day after ratings agency Standard & Poor's placed Portugal on credit watch due to the country's huge debts. | It comes a day after ratings agency Standard & Poor's placed Portugal on credit watch due to the country's huge debts. |
| Meanwhile, Portugal's central bank warned of the risks facing its banks. | Meanwhile, Portugal's central bank warned of the risks facing its banks. |
| It said they faced an "intolerable risk" if the government in Lisbon failed to consolidate public finances. | It said they faced an "intolerable risk" if the government in Lisbon failed to consolidate public finances. |
| In early Wednesday trading, the euro was up slightly to $1.3020 from its Tuesday low of $1.2969. | In early Wednesday trading, the euro was up slightly to $1.3020 from its Tuesday low of $1.2969. |
| Against the pound, the euro was at 0.8377 pence, compared with Tuesday's close of 0.8366. | |
| Meanwhile, on the bond markets, the yield on Portuguese bonds was stable at 6.97%. | Meanwhile, on the bond markets, the yield on Portuguese bonds was stable at 6.97%. |
| The higher the yield, the less confidence investors have in the bond. | The higher the yield, the less confidence investors have in the bond. |
| The yield on German bonds remained around 2.67%. | The yield on German bonds remained around 2.67%. |
| With the Republic of Ireland getting a European Union-led bail-out last week, the concern in some quarters is that Portugal may be the next country that needs assistance. | With the Republic of Ireland getting a European Union-led bail-out last week, the concern in some quarters is that Portugal may be the next country that needs assistance. |
| "The general feeling is that this is a mess that is not going to be easily escaped," said analyst Robert Ryan of BNP Paribas in Singapore. | "The general feeling is that this is a mess that is not going to be easily escaped," said analyst Robert Ryan of BNP Paribas in Singapore. |