Forex: Euro sell-off resumes after comments EFSF may double
FXstreet.com (Barcelona) - The Euro continues to be the currency to sell and just had a sudden strong burst to the downside, after Mr. Wellink, a member of the European Bank Governing Council and member of the Financial Stability Board (FSB) said European aid fund may have to be doubled.
Majors had been consolidating after recent risk aversion conditions, yet investors betting on a Greek accident seems to be on the rise in Asia, sending the Euro breaking lower ahead of the European session.
EUR/USD staged a modest recovery peaking at 1.4200 but heavy selling has now taken the pair 80 pips lower to 1.4115. The downside scope for the coming two sessions is that the pair aims for 1.3920/50 according to Valeria Bednarik, Chief Analyst at FXstreet.com. GBP/USD has seen a more contained downside move, capped by 1.6170. AUD/USD broke through yesterday's low at 1.0530.
Majors had been consolidating after recent risk aversion conditions, yet investors betting on a Greek accident seems to be on the rise in Asia, sending the Euro breaking lower ahead of the European session.
EUR/USD staged a modest recovery peaking at 1.4200 but heavy selling has now taken the pair 80 pips lower to 1.4115. The downside scope for the coming two sessions is that the pair aims for 1.3920/50 according to Valeria Bednarik, Chief Analyst at FXstreet.com. GBP/USD has seen a more contained downside move, capped by 1.6170. AUD/USD broke through yesterday's low at 1.0530.
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