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EUR/AUD trades at all-time lows sub 1.21

By FXstreet.com,  July 05, 2012, 03:31:00 PM EDT

FXstreet.com (San Francisco) - The euro has lost further ground against its Australian counterpart this Thursday, with EUR/AUD managing to break below support around 1.2130 and slide more than 1% to a new all-time low of 1.2020.

The strong selling interest tracks EUR weakness, fueled by a European Central Bank rate cut. Earlier in the session, the ECB slashed its policy rate by 25 basis points, to 0.75%. ECB President Draghi also acknowledged that economic pain is spreading even to the most stable countries in the Eurozone.

At the time of writing, EUR/AUD trades at 1.2037, recording a 1.2% loss on the day and a 2.7% loss heading into the final day of trading for the week. To the upside, resistance lies at 1.2130 (7 Feb low) and 1.2161 (17 Feb low).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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