Forex - EUR/USD extends losses amid sovereign debt concerns
Investing.com
Published Apr 18, 2011 05:40AM ET
EUR/USD hit 1.4299 during European morning trade, the pair’s lowest since April 8; the pair subsequently consolidated at 1.4322, tumbling 0.74%.
The pair was likely to find support at 1.4207, the low of April 6 and resistance at 1.4519, last Wednesday’s high and a 15-month high.
The euro came under pressure after a Greek daily newspaper reported that Greece told the International Monetary Fund and the European Union earlier this month that it wanted to restructure its debt, after receiving a bailout last May.
The report was subsequently denied by a finance ministry source in Athens.
Meanwhile, this week’s negotiations over Portugal's bailout were thrown into doubt after an anti-euro party in Finland that has vowed to veto its rescue package made strong gains in a parliamentary election on Sunday.
Finland's parliament, unique in the euro zone, has the right to vote on European Union requests for bailout funds.
The euro was also lower against the pound, with EUR/GBP shedding 0.37% to hit 0.8803.
Later in the day, the euro zone was to publish official data on consumer confidence, while in the U.S. Federal Reserve Bank of Dallas President Richard Fisher was due to speak in Atlanta.
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Written By: Investing.com
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