Another day of broad weakness for the euro this morning in the Asia-Pacific, although the single currency has stayed above the US low so far. Euro-dollar traded with a heavy tone through the end of the US session but managed to start this morning at $1.3704. Euro-dollar edged up to $1.3709 in early dealings but then slid back through $1.3700 for a low so far of $1.3698. The move then translated into broader euro losses, with euro-yen falling to a Y139.94 low and euro-aussie also sinking to A$1.4594 after stops were triggered below A$1.4630 and A$1.4600. Most of losses were not sustained though and the euro then retraced much of the earlier falls, with euro-dollar recovering back through $1.3700 and through the $1.3708 high to last trade at $1.3717 while euro-yen was last at Y140.14 vs a high of Y140.17 earlier. The exception has been euro-aussie, which continues to languish near the day’s lows, and was last at A$1.4603 as the aussie continues to march higher. Support for euro-dollar lies at $1.3680/70 zone with more stops noted below that.
