Euro Falls Against Most Majors On Risk Aversion

Date : 05/25/2012 @ 9:40AM
Source : RTTF2
Stock : Euro (B) VS Pound Sterling Spot (Eur/GBP) (EURGBP)
Quote : 0.87769  0.00119 (0.14%) @ 2:26AM
Euro vs UK Sterling share price Chart

Euro Falls Against Most Majors On Risk Aversion

Euro vs UK Sterling (FX:EURGBP)
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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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