Friday, 12 Feb 2010

EUR Drops Against Majors

The EUR slid for a third day against the dollar as a report showed Europe's economic recovery almost stalled amid concern European Union efforts to avoid a default by Greece will undermine the currency region.

The EUR was headed for a fifth week of losses against the U.S. currency, the longest streak in over a year, after a report euro region's gross domestic product grew last than forecast in the fourth quarter of last year.

The EUR/USD cross is actually currently trading lower by 70 pips at 1.3605. Against the GBP, the EUR is trading lower by 50 pips, as we see a sharp correction in the pair's behavior. The EUR/JPY pair is level today at 122.35, as market volatility seems to have slowed down as late night trading approaches.

Looking ahead to late night trading, it's recommended that you continue buying-up the greenback, whilst the current trend it still hot.