The euro has hit a five-month low against the dollar as continuing concerns about the Greek economy weigh heavily on the currency.

The European single currency touched $1.4127 at one point on Wednesday, before recovering slightly to $1.4135.

Although Greece has passed measures to reduce its budget deficit dramatically, some analysts believe the country's financial woes will persist.

Against the pound, the euro also fell, with a euro worth as little as 86.85p.

This was also its weakest position against sterling since August.

"Greece's debt problems look to be deep-rooted and they cannot be resolved immediately," said Takeshi Makita at the Japan Research Institute.