Excerpt from: Forex Commentary
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| May 14, 2010 | | U.S. dollar strength increases in currency trading | The euro continues to fall in forex trading as the news out of the euro zone prompts risk aversion. Indeed, the euro looks to be in rough shape right now, with member states threatening bankruptcy at every turn, and the European Union borrowing heavily to try and finance Southern European states out of trouble.
A brief respite for the euro in forex trading, due to positive U.S. economic data, disappeared almost immediately. GFT's Kathy Lien reports in FX360 on the euro in forex trading:
Concerns about Europe have not gone away even with Portugal and Spain
announcing new austerity measures. The lack of details on the EU/IMF/ECB
rescue package has sent the euro tumbling to a fresh 17 month low
against the U.S. dollar and at this point, a move down to 1.20 is more
likely than a move back above 1.30.
| Topic Tags: euro forex trading, euro zone, forex trading, FX360, GFT, Kathy Lien, risk aversion | |
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