The euro fell below $1.3300 to $1.3283, its lowest level since May 7, 2009, after People's Bank of China Vice Gov. Zhu Min said Greece's debt crisis is "just the tip of the iceberg." The comments came after Portugal's credit rating was downgraded overnight, adding to worries that other euro-zone members may face such downgrades.

Analyst predict a contention summit of EU leaders, starting later today,which may highlight divisions on any rescue package for Greece. Germany as already signaled it may support a bailout but only if the IMF plays a substantial role. IMF involvement is seen by some as showing euro-zone weakness, in not being able to come up with a viable internal plan.

There are some who are even questioning the euro on an institutional level as to whether it can survive this whole euro zone fiscal situation. When things really look difficult for the euro, the dollar is the primary beneficiary.

Some analysis therefore expect to see the dollar continue to strengthen versus other currencies as euro zone problems persist and the U.S. economy improves.

The dollar climbed 1.15% versus the euro to $1.3343, the highest level since May of 2009.

The euro was pressured by concerns over whether European Union members can agree on whether and how to provide financial aid to Greece. EU leaders will hold a summit in Brussels on Thursday and Friday.

The euro fell 0.3% to $1.3519 in recent trading.

After the U.S. House passed the $940 billion bill that will subject a huge American industry to a redrawn and newly-regulated marketplace, some analysts posited that it may worsen the country's fiscal picture in coming years.

In early trading, the euro was at $1.3515 from $1.3535 late Friday.

EASTERN CARIBBEAN

Trading activity picked up on the ECSM as approximately 154000 shares valued at almost EC$650,000 crossed the floor of the exchange. This resulted from trading in 7 equity securities, of which 4 traded firm and 3 decline. Bank of Nevis and St. Kitts Nevis Anguilla National Bank emerged volume leaders accounting for 65% of trading activity.

In other news, two Treasury bill issues were successfully auctioned on the RGSM. The Government of St. Lucia successfully raised EC$16 million via a 91-day 5.25% Treasury bill issue and the Government of St.Vincent and the Grenadines also raised EC$20 million via a 91-day 5.50% Treasury bill issue.

Regional investors have one more week to take advantage of the 8-year fixed rate bond being auctioned by the Government of St. Lucia on March 25th & 26th. This bond issue offers an attractive rate of 7.5%. The minimum bid for this instrument is EC$5,000.

TRINIDAD

Mixed results was recorded on the TTSE as the Composite and Cross Listed indices advanced while the All-TT index declined slightly. Overall market activity resulted from over 2.4 million shares valued at almost TT$6.4million changing ownership. This resulted from trading in 19 stocks of which 4 advanced 6 declined, while 9 traded firm. JMMB was the lead advancer, also managing to emerge volume leader with over 2 million shares crossing the floor of the exchange.

JAMAICA

Over in Jamaica, the major three indices posted gains as 37 equity securities recorded trading activity. Market volume exceeded 34 million units valued at over J$596 million. Advancers outnumbered decliners 16 to 12, while another 9 stocks traded firm. Scotia Group Jamaica and followed by Sagicor Life Jamaica were the most popular stocks traded. Ciboney Group recorded the largest price movement declined by almost 17%.

BARBADOS

Moderate activity was recorded on the BSE as almost 85000 shares traded. This resulted from trading in 7 securities; of which 3 advanced, 2 declined and another 2 remained unchanged causing all three indices to close in negative territory. Fortress Caribbean and Sagicor Financial Corporation were the most popular stocks traded.

INTERNATIONAL

On the international front, in currencies news, the greenback advanced against most of its traded counterparts, reducing investment appeal for commodities as an alternative investment. And the euro continues to weaken on concern that Greece will fail to secure financial assistance from the European Union.

US stocks are expected to rally erasing early slumps as demand for health care shares increase.

German officials have reportedly indicated support for a joint bailout of Greece by European governments and the International Monetary Fund (IMF) if needed. Yesterday, Greek Prime Minister George Papandreou called for a guarantee of financial support at a EU summit to be held next week.

The backing for a Greek IMF bailout has highlighted a rift within the euro zone. In the past, France and the European Central Bank have disparaged discussions of IMF involvement, arguing that it would be viewed as a black mark against the euro zone.

Financial analysts indicated that the euro is likely to see a sharp intensification of selling pressure only if it breaks below $1.3530.

Friday morning, the euro was $1.3548 USD.