Euro Falls Against Most Majors On Risk Aversion
May 25 2012 - 9:40AM
RTTF2
The euro fell sharply against most major currencies on Friday as
traders sold riskier assets amid worries over Spanish debt.
Continued worries over a possible Greek exit from the Eurozone
also hurt sentiment.
Meanwhile, confidence among German consumers is likely to stay
unchanged in June, a survey by market research group GfK showed
today.
The consumer confidence index for June was at 5.7, unchanged
from the revised reading of May. The May score was revised from 5.6
reported previously
The euro fell to near a 2-year low of 1.2505 against the US
dollar, compared to an early high of 1.2603. If the euro declines
further, it may target 1.24 level. At Thursday's close, the pair
was worth 1.2533.
After reaching a 2-day high of 0.8048 against the pound in early
European deals, the euro slipped soon. The euro hit a 9-day low of
0.7982 against the pound with 0.77 seen as the next downside target
level. The euro-pound pair finished yesterday's deals at
0.7999.
The European single currency dropped to as low as 99.50 against
the yen from a 2-day high of 100.35 hit at 4:15 am ET. On the
downside, the euro may target 99.00 level. The pair was worth 99.77
at yesterday's close.
The Reuters and the University of Michigan's final report on the
consumer sentiment index for May is due shortly.
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