EUR to Head Down

Discussion in 'Forex' started by cstfx, Jul 2, 2009.

  1. cstfx


    Euro May Weaken Below $1.30 After Jobs Report, CMC Markets Says
    By Lukanyo Mnyanda

    July 2 (Bloomberg) -- The euro may drop to the lowest level in more than two months against the dollar as risk aversion increases after a report showed U.S. employers cut more jobs than forecast in June, CMC Markets said.

    The currency “eyes a break below $1.30, with the preliminary targets standing at $1.3920 and $1.3880,” Ashraf Laidi, chief market strategist at CMC in London, wrote in a note today. The jobs report “leaves no doubt to equity, bond and oil traders as the risk aversion trade drags” stocks lower, he wrote.

    The euro fell 1 percent to $1.3997 as of 4:35 p.m. in London. The currency hasn’t traded below $1.30 since April 28, according to data compiled by Bloomberg.

    To contact the reporter on this story: Lukanyo Mnyanda in London at
  2. Europe sure did a pretty good job of holding in there today
  3. FGBL07


    Don't forget that today is a Holiday in the USA.