Euro Posts 2-Year Lows (FXE)
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The spot rate of the EUR/USD posted fresh, 2 year lows on Friday. Today's leg lower follows a weekly decline in the Euro currency. The EUR/USD rallied off its lows last month following positive developments at an EU summit, but investors are back selling the currency again today following yesterday's rate decision by the ECB.
The bank slashed key rates in the euro zone to 0.75 percent, taking them to historic lows. With central bank rates declining, and with yields on Spanish treasures climbing back into distressed levels near 7 percent today, and with a Greek exit still on the table, a further decline in EUR/USD is less than shocking. Near term support for EUR/USD may come in at 1.2150. A breach of this level sets up a move lower to 1.19, say traders.
CurrencyShares Euro Trust (NYSE: FXE) trades at 122.11, lower by .90 percent today. The ETF is lower by 3 percent in the past 5 trading sessions.
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The bank slashed key rates in the euro zone to 0.75 percent, taking them to historic lows. With central bank rates declining, and with yields on Spanish treasures climbing back into distressed levels near 7 percent today, and with a Greek exit still on the table, a further decline in EUR/USD is less than shocking. Near term support for EUR/USD may come in at 1.2150. A breach of this level sets up a move lower to 1.19, say traders.
CurrencyShares Euro Trust (NYSE: FXE) trades at 122.11, lower by .90 percent today. The ETF is lower by 3 percent in the past 5 trading sessions.
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