The euro has been under huge selling pressure since the Greek “borrowing halo” hung over the euro economy. Last week-end we saw a jaw-dropping package to stem the gushing bleed but the sell-off continues today. What happens next? The day started with the Asian/Pacific traders waiting to continue Friday selloff. In about an hour the EURUSD has fallen to 1.2234 levels. A low last seen since April 2006.
Euro Hits 4-Year Low
From the above chart it could seen that euro has lost almost 1,500 pips against the dollar in the last month alone. At the moment, market seem less convinced about ECB’s plan especially when you consider that this neither a bailout cash injection or quantitative easing, QE.
As of the time of writing, the euro has lost over 100 pips from overnight trades and its Asian opening-high of 1.2375 and broken through 2006 levels at 1.2234.
At the moment, it is attempting to clawing its way back. As of today, nothing has changed. Traders are maintaining their pessimism over the continental currency. If this trend continues, we have to set eyes on 2005 numbers below 1.2000. This may not bode well for the euro-zone economies especially those nations that are already debt-ladened.
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