Forex News
In spite of reassurances from Germany’s Angela Merkel and France’s Nicolas Sarkozy that the troubled Greek nation would remain a Eurozone member, the common currency is under pressure in Asia.
The Euro is holding onto modest gains during the late Asian trading with hedge fund operators trimming their short positions ahead of an E.U. policymaker conference call which could yield some surprises for the market.
The Euro firmed in Asia after a volatile trading session got a boost from rumors that the Chinese government would be buying Italian sovereign debt.
The worsening situation in the Eurozone sent the common currency on a nosedive against the safe haven Japanese Yen, striking a 10-year low, to fall below key technical levels as well as option barrier.
The Euro came off a 2-month low versus the U.S. Dollar in Asian trading on Friday, though the risk of any break below the July low is believed to be on the rise
The Euro has slipped against the U.S. Dollar in Asian trading today and is facing some headwinds on growing unease that the Eurozone’s efforts to fix the debt crisis are too slow for the markets’ liking.The Euro has slipped against the U.S. Dollar in Asian trading today and is facing some headwinds on growing unease that the Eurozone’s efforts to fix the debt crisis are too slow for the markets’ liking.
The U.S. Dollar slipped back from a 2-month high versus major currencies in the Asian session, following a rebound in higher yielding currencies which tracked gains in the equity markets.
The common currency Euro struck a 7-week low in Asian trading today as the Eurozone crisis appears to have deepened overnight. The EUR/USD pair is hovering just above a key support level, and if breached, may result in a sharp sell-off.
In Asian trading today, the common currency slipped to a 3-week low against the U.S. Dollar, taking along with it other commodity-linked currencies as renewed worries over the Eurozone’s debt problems and a much weaker than expected U.S. labor data take its toll on risk appetite.
The Euro took a large hit yesterday following several reports which showed that sentiment among the manufacturing sectors embedded throughout the Eurozone declined last month, suggesting to investors that global growth is slowing more than expected.
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