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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Euro slips, German ban keeps markets under tension AFP - Friday, May 21 Send IM Story Print The euro fell against the dollar on Thursday, but held above recent four-month low points, as European tensions over a German ban on some speculative trading reverberated across financial markets. LONDON (AFP) - – The euro fell against the dollar on Thursday, but held above recent four-month low points, as European tensions over a German ban on some speculative trading reverberated across financial markets. The shared currency dipped to 1.2372 dollars in late morning deals here, down from 1.2408 in New York on Wednesday, when it had struck 1.2144 dollars -- the lowest level since mid-April 2006 -- on eurozone crisis fears. The European single currency has since recovered slightly amid rumours of a possible intervention from the Federal Reserve, European Central Bank and Bank of England, and on talk that Greece may be about to leave the eurozone. Europe's main stock markets rebounded on Thursday on bargain hunting, having plunged by almost three percent the previous day after Germany introduced a ban on so-called naked short-selling. London added 0.76 percent, Paris gained 0.60 percent and Frankfurt advanced by 0.24 percent. Further extreme volatility was likely on Thursday, according to Credit Agricole CIB analyst David Keeble. "The day will be a roller coaster, no doubt," he said. "The German short ban has emphasised that Europe is not unified and this is at a juncture when it really, really needs to be." Global equities and the euro slumped on Wednesday after Germany banned so-called naked short selling in eurozone government bonds, associated insurance derivatives and 10 major financial stocks, fuelling the sense of crisis in Europe. The measure affects notably some German and Austrian government bonds. In a naked short, a trader sells a stock that he does not yet own, hoping to be able to borrow or buy it more cheaply before he has to part with it, and thus being able to pocket the difference. "The German short-selling curbs ground all risk assets into the dust yesterday," said Altium Securities analyst Ian Williams. He added: "Chancellor Merkel, if anything, intensified her rhetoric even as her eurozone partners remained unimpressed with Germany's unilateral actions. "The lack of co-ordination across the supposed partners within the single currency zone is especially damaging to investor confidence." Eurozone finance chief Jean-Claude Juncker said on Thursday that he did not see a need for European policymakers to act immediately to arrest the euro's recent declines, blaming "irrational" markets for the falls. "I'm really concerned about the rapid (pace) of the fall of the exchange rate," he told reporters at the Japanese Ministry of Finance following a one-on-one meeting with Finance Minister Naoto Kan, Dow Jones Newswires said. But Juncker added: "I don't think that this is a matter (requiring) immediate action." He said the sell-off was "largely due to irrational approaches of the financial markets." Markets remain concerned despite a near trillion-dollar package to prevent Greece's debt troubles spreading to the rest of Europe. French Economy Minister Christine Lagarde said on Thursday that she did not believe the euro's survival was in danger, after the German clampdown triggered fresh falls in the currency. Lagarde said that France would not follow Germany's unilateral ban on the naked short selling of certain stocks and bonds, and distanced France from German Chancellor Angela Merkel's warning that the euro was in danger. "I absolutely do not believe that the euro is in danger," Lagarde told RTL radio. "The euro is a solid, credible currency that has assured the stability of the eurozone for more than 10 years." While Lagarde denied there was any dispute between Paris and Berlin on euro policy, her comments clearly marked her stance as separate from Merkel's, both in terms of regulatory policy and of its presentation. Analyst Dermot O'Leary, at Goodbody stockbrokers in Dublin, added that investors remain unconvinced that the eurozone crisis was being properly handled. "While the euro has strengthened overnight somewhat it is still close to four-year lows relative to the dollar, so some work is still required to convince markets that the situation is under control," he said. Some investors also took their cue on Thursday from relatively mild overnight falls on Wall Street. However, in Asia, Tokyo dived 1.54 percent to their lowest in more than three months, as the impact of the euro crisis on an export-driven Japanese recovery overshadowed positive growth data. 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