Euro above $1.23 after hitting new 4-year low

The euro has hit a four-year low against the U.S. dollar amid ongoing concern over the outlook for the eurozone before pulling back slightly.
The euro sank as low as $1.2237 before recovering to $1.2311 in morning European trading Monday _ still below the $1.2355 it bought in New York late Friday.
The currency has faced sustained pressure over the past week amid fragile confidence in the 16-nation eurozone's efforts to tackle problems that have produced the current debt crisis.
Officials have cautioned that the (EURO)750 billion rescue package concluded to prevent the Greek debt crisis spreading only bought eurozone countries more time.
The British pound was down to $1.4380 from $1.4560. The dollar slipped to 92.17 Japanese yen from 92.21 yen.