Tuesday, 19 Jan 2010

Euro Takes Serious Losses in Afternoon Trading

A string of bad economic news caused the Euro to sink to near its lowest level of 2010 on Tuesday. Continued concerns regarding Greece's sovereign debt, as well as a worse then expected German economic report led to heavy Euro losses in afternoon trading. EUR/USD went as low as 1.4262, down from 1.4389 a day earlier. Even though the Dollar has been having issues of its own, it appears that investors are favoring the greenback over the Euro. This could very well be a sign that the Dollar is simply performing less badly then the Euro.

In other news, USD was able to maintain gains made against its Canadian counterpart today, after the Bank of Canada chose to maintain its current interest rate levels. With no sign that an increase is imminent, USD/CAD moved up and is currently trading around the 1.0320 level.