Euro Extends Slide Against Most Majors

Date : 05/02/2012 @ 5:29AM
Source : RTTF2
Stock : Euro (B) VS Pound Sterling Spot (Eur/GBP) (EURGBP)
Quote : 0.87303  -0.00165 (-0.19%) @ 6:41AM
Euro vs UK Sterling share price Chart

Euro Extends Slide Against Most Majors

Euro vs UK Sterling (FX:EURGBP)
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The euro has been extending its decline against most major currencies in European deals on Wednesday as investors sold the single currency following weaker-than-expected manufacturing PMI reports from Europe and a rise in Eurozone unemployment rate.

The Eurozone manufacturing sector contracted more than initially estimated for April, Markit Economics said. According to the survey, the Purchasing Managers' Index for manufacturing fell to a near three-year low of 45.9, from 47.7 in March and below the earlier flash estimate of 46.0. The headline index signaled contraction in each of the past nine months.

Meanwhile, data from Eurostat revealed that the unemployment rate in euro area increased to new record high in March. The seasonally adjusted jobless rate rose to 10.9 percent in March from 10.8 percent in February. The outcome was in line expectations. In March 2011, the rate was 9.4 percent.

The euro that closed Tuesday's deals at 1.3238 against the US dollar and 1.3050 against the Canadian dollar is now trading at a 5-day low of 1.3160 and a 2-day low of 1.2981, respectivey. The next downside target level for the euro is seen at 1.310 against the greenback and 1.295 against the loonie.

Against the pound, the euro is trading at a fresh 22-month low of 0.8117, compared to yesterday's close of 0.8163. On the downside, 0.807 is seen as the next target level for the euro.

The euro that rose to a 5-day high of 106.57 against the yen at 3:05 am ET declined thereafter. At present, the euro-yen pair is worth 105.70 and if the euro weakens further, it may likely target the 105.5 level. The pair ended yesterday's trading at 106.05.

The euro is currently worth 1.2737 against the Australian dollar and 1.6189 against the New Zealand dollar, down from yesterday's close of 1.2817 and 1.6243, respectively. If the euro falls further, it may target 1.270 against the aussie and 1.605 against the kiwi.

But the euro traded in a tight range of 1.2017 and 1.2019 against the franc though the pair surged up to a 1-week high of 1.2023 at 3:30 am ET.

Investors now focus on the New York session, in which the U.S. ADP National employment report for April and the factory goods orders for March are slated for release.

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