Forex - EUR/USD extends losses amid concerns over Greek debt
Investing.com
Published May 11, 2011 10:16AM ET
EUR/USD hit 1.4292 during U.S. morning trade, the daily low; the pair subsequently consolidated at 1.4300, tumbling 0.75%.
The pair was likely to find support at 1.4156, the low of April 18 and resistance at 1.4587, last Friday’s high.
Earlier in the day, Germany’s deputy finance minister said that euro zone officials will debate Greece's debt crisis next week but no decision will be taken. He added the sovereign debt crisis in some European countries was not a crisis of the euro.
Elsewhere, the U.S. Commerce Department said earlier that the trade deficit rose to USD48.2 billion in March, the widest since June 2010, from a slightly downwardly revised USD45.4 billion in February.
Economists had expected the trade deficit to widen to USD47.0 billion in March.
The report said U.S. exports grew 4.6% in the biggest month-to-month gain since March 1994. Imports grew 4.9%, the highest since September 2008.
The euro was also lower against the pound, with EUR/GBP tumbling 1.19% to hit 0.8697.
The pound gained broadly after the Bank of England raised its medium-term inflation forecasts in its Quarterly Inflation Report and indicated that interest rates would rise from the third quarter of 2011 to tackle high inflation.
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Written By: Investing.com
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