As it holds close to a 3-week low established against the U.S. Dollar in the Asian session, the Euro is on track to post the worst week in several months. Investors are clearly worried over the growing signs that suggest that Spain is the next big Eurozone crisis to unravel. Analysts say that the pressure on the Euro is likely to persist today as markets await the March non-farms data to be released; analysts polled are calling for the numbers to once again show new jobs of over 200,000 which would make March the 4th consecutive month of job growth. If the data comes in at least as good as expected it will give a solid boost to the U.S. Dollar and help boost short-term U.S. Treasury yields.
As reported at 12:14 p.m. (JST) in Tokyo, the Euro was trading at $1.3063, close to the 3-week trough of $1.3035 struck on Thursday. Most currency strategists are bearish on the Euro, with some believing that the losses could drop below $1.30 given that there is no positive event on the horizon which could halt its decline. The Euro was also close to a 1-month low against the safe-haven Japanese Yen, trading at 107.56 Yen, and traders believe that the Euro’s inherent weakness will push it lower before it finds some support at around 106 Yen.
As reported at 12:14 p.m. (JST) in Tokyo, the Euro was trading at $1.3063, close to the 3-week trough of $1.3035 struck on Thursday. Most currency strategists are bearish on the Euro, with some believing that the losses could drop below $1.30 given that there is no positive event on the horizon which could halt its decline. The Euro was also close to a 1-month low against the safe-haven Japanese Yen, trading at 107.56 Yen, and traders believe that the Euro’s inherent weakness will push it lower before it finds some support at around 106 Yen.
0 comments:
Post a Comment