Tags: Euro Drops to Fresh 3-Week Low Against Dollar

Euro Drops to Fresh 3-Week Low Against Dollar

Wednesday, 11 May 2011 02:03 PM

The euro dropped to a fresh three-week low below $1.4250 against the dollar on Wednesday, as investors unwound risky trades in commodities and other higher-yielding currencies and bought back the greenback in a flight to quality bid.

Traders also took out an option barrier said to be at the $1.4250 level.

The euro hit a session low at $1.4204 on trading platform EBS

"There has been considerable real money selling in the euro and Aussie against the dollar. Breaking the $1.4250 level was important and there are stops below there," said Douglas Borthwick, managing director at Faros Trading in Stamford, Connecticut.

"The real money investors, however, tend to start selling when the market edges close to a bottom and that is where we think the market is."

© 2017 Thomson/Reuters. All rights reserved.

1Like our page
2Share
StreetTalk
The euro dropped to a fresh three-week low below $1.4250 against the dollar on Wednesday, as investors unwound risky trades in commodities and other higher-yielding currencies and bought back the greenback in a flight to quality bid.Traders also took out an option barrier...
Euro Drops to Fresh 3-Week Low Against Dollar
127
2011-03-11
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved