EUR Continues to Fall against Main Rivals

The euro dropped to a record low against both the Australian and Canadian dollars on Friday, while the EUR/JPY hit an 11-year low. Fears that Spain, the EU's fourth largest economy, will soon require a bailout were blamed for the euro's downtrend. The EUR/AUD fell close to 70 pips during European trading, while the EUR/CAD dropped close to 60 pips. The pairs respectively finished out the week at 1.1707 and 1.2309. Against the yen, the euro tumbled over 100 pips before closing the week at 95.43.

This week, analysts are warning that given the current fears that the euro-zone debt crisis is spreading to other countries in the region, combined with the ongoing concerns regarding Spain, the euro could potentially fall further against its main rivals. In addition to any announcements out of the EU regarding the Spanish debt situation, traders will also want to pay attention to manufacturing and services data out of Germany and France, scheduled to be released on Tuesday. Should any of the news fail to come in as expected, the euro may extend its recent losses.

News Archives

20.07.2012	Euro Hits Fresh Record Low vs. AUD
19.07.2012	EUR/AUD Hits Record Low
18.07.2012	Euro Tumbles vs. Safe-Haven Currencies