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| Chart from xe.com |
From Bloomberg.com
Original source
The euro headed for its biggest weekly decline this year as signs that Europe’s debt crisis is damping growth curbed demand for the currency.
The 17-nation euro has fallen versus all but one of its 16 major counterparts since May 18 before figures next week that may show consumer confidence in the currency bloc was little changed this month, while the jobless rate climbed in April to a 21-year high. The yen slid versus the dollar as Japan’s consumer-price gains remained far from the central bank’s target. The Dollar Index rose to a 20-month high as investors sought the relative safety of the U.S. currency.
“Europe’s economy is showing clear signs of a slowdown,” said Marito Ueda, senior managing director in Tokyo at FX Prime Corp. (8711), a currency margin company. “People can’t buy the euro even from the perspective of its fundamentals.”
The euro was little changed at $1.2537 as of 6:53 a.m. in London, after falling to $1.2516 yesterday, the least since July 6, 2010. It traded at 99.90 yen from 99.76 after dropping 0.2 percent yesterday. The yen slid 0.1 percent to 79.69 per dollar.
Europe’s shared currency is set for a 1.9 percent slide against the dollar this week, the biggest since the period ended Dec. 16. It has fallen 1.1 percent versus the yen.
The euro may weaken to the 2010 low of $1.1877 as early as next month, FX Prime’s Ueda said.
The euro headed for its biggest weekly decline this year as signs that Europe’s debt crisis is damping growth curbed demand for the currency.
The 17-nation euro has fallen versus all but one of its 16 major counterparts since May 18 before figures next week that may show consumer confidence in the currency bloc was little changed this month, while the jobless rate climbed in April to a 21-year high. The yen slid versus the dollar as Japan’s consumer-price gains remained far from the central bank’s target. The Dollar Index rose to a 20-month high as investors sought the relative safety of the U.S. currency.
“Europe’s economy is showing clear signs of a slowdown,” said Marito Ueda, senior managing director in Tokyo at FX Prime Corp. (8711), a currency margin company. “People can’t buy the euro even from the perspective of its fundamentals.”
The euro was little changed at $1.2537 as of 6:53 a.m. in London, after falling to $1.2516 yesterday, the least since July 6, 2010. It traded at 99.90 yen from 99.76 after dropping 0.2 percent yesterday. The yen slid 0.1 percent to 79.69 per dollar.
Europe’s shared currency is set for a 1.9 percent slide against the dollar this week, the biggest since the period ended Dec. 16. It has fallen 1.1 percent versus the yen.
The euro may weaken to the 2010 low of $1.1877 as early as next month, FX Prime’s Ueda said.
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