Forex - Euro nears 5-month lows against dollar, yen


Shutterstock photo - - The euro slipped lower against the dollar and the yen on Monday, nearing the previous sessions five month lows as concerns over tensions between Russia and the West bolstered investor demand for safe haven assets.

EUR/USD dipped 0.04% to 1.3520, not far from Friday's five month trough of 1.3490.

The pair was likely to find support at 1.3490 and resistance at 1.3571, last Wednesday's high.

Tensions between the West and Russia have mounted since the shooting down of a Malaysian airliner in eastern Ukraine late last week. The U.S. and other nations have accused Russia of complicity in the crash, which Moscow has denied.

Market sentiment deteriorated on Monday following reports that Ukrainian troops were moving in to the rebel held city of Donetsk, fuelling fears over an escalation of the conflict in the region.

Concerns over Israel's ground offensive in Gaza also contributed to risk aversion in markets.

The euro remained under pressure after recent comments by European Central Bank President Mario Draghi were seen as the latest sign that the bank is open to further monetary easing measures to stave off the risk of deflation in the euro area.

In contrast, Federal Reserve Chair Janet Yellen indicated last week that interest rates may rise sooner if the economy continues to improve.

The euro also edged lower against the yen, with EUR/JPY slipping 0.07% to 136.96 close to the five month lows of 136.69 set on Friday.

Elsewhere Monday, the dollar edged lower against the Japanese currency, with USD/JPY at 101.28, not far from Friday's one week low of 101.07. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing Forex and Currencies
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