Euro Extends Slide
26 Mai 2015 - 06:20AM
RTTF2
The euro continued to be weaker against the other major
currencies in the Asian session on Tuesday, as the ongoing concerns
over Greece and its credit woes continued to impact the
markets.
Greece's government on Monday ruled out imposing controls over
capital flows over the upcoming long weekend, after an opposition
lawmaker suggested the move if the country fails to strike a deal
with its creditors soon.
Greece, which was the first country to be bailed out by the EU
and the IMF in 2010, is still struggling and needs to secure more
funds to meet its payments.
In a "Project Syndicate" website, Greek finance minister Yanis
Varoufakis blamed the creditors' insistence on greater austerity
that would paralyze economic recovery .
"Our creditors' insistence on greater austerity is subtle yet
steadfast," Varoufakis said. "Our government cannot -- and will not
-- accept a cure that has proven itself over five long years to be
worse than the disease," he added.
The political upset in Spain also dampened sentiment. Spanish
voters punished the governing Popular Party in regional and
municipal elections, by giving weighty support to upstart leftist
and center-right parties.
In the Poland's presidential election, the exit polls showed
victory for nationalist opposition candidate Andrzej Duda,
defeating Bronislaw Komorowski. The presidential runoff may unseat
one of Europe's most economically successful governments.
Official results of the run off are expected later on Monday,
exit polls showed that Conservative Duda has won 53 percent of the
votes, while President Komorowski could win only 47 percent.
Monday, the euro fell 0.12 percent against the pound, 0.29
percent against the U.S. dollar, 0.25 percent against the yen and
0.11 percent against the Swiss franc.
In the Asian trading today, the euro fell to nearly a 4-week low
of 133.09 against the yen, from yesterday's closing value of
133.42. The euro may test support near the 128.50 region.
Against the U.S. and the New Zealand dollars, the euro dropped
to a 4-week low of 1.0930 and nearly a 3-week low of 1.4957 from
yesterday's closing quotes of 1.0976 and 1.5005, respectively. If
the euro extends its downtrend, it is likely to find support around
1.06 against the greenback and 1.44 against the kiwi.
The euro edged down to 0.7075 against the pound and 1.0354
against the Swiss franc, from yesterday's closing quotes of 0.7094
and 1.0370, respectively. On the downside, 0.69 against the pound
and 1.02 against the franc are seen as the next support level for
the euro.
Against the Australia and the Canadian dollars, the euro slipped
to near 2-week lows of 1.3978 and 1.3471 from yesterday's closing
quotes of 1.4021 and 1.3513, respectively. The euro is likely to
find support around 1.36 against the aussie and 1.31 against the
loonie.
Looking ahead, U.S. durable goods orders for April, U.S. S&P
Case-Shiller's house price index for March, the Conference Board's
U.S. consumer confidence index for May and new home sales data for
April are due to be released in the New York session.
At 12:30 pm ET, Federal Reserve Governor Stanley Fischer is
expected to speak on "The Federal Reserve and the Global Economy"
before a conference in honor of Professor Haim Ben-Shaharat at the
Tel Aviv University in Israel.
Euro vs CAD (FX:EURCAD)
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Euro vs CAD (FX:EURCAD)
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