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Monday June 7, 2010 - 08:29:40 GMT
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ImperialFXonline : Daily FX ReviewEuro falls below 1.2000 for first time since 2006 on Hungary debt concerns and soft U.S. NFP
Join Us and Strategize Your FX Trading!www.imperialFXonline.comThe single currency declined almost 2 percent on Friday, hitting a new 4-year low below the psychological 1.2000 level against the dollar to as low as 1.1955 (while weakening below 110.00 versus the yen) as Hungary was added to the growing list of countries in the euro region that were suffering from sovereign debt problems, which resulted in the credit default swaps for nations as Germany and France also rising.In addition to the fears over the eurozone debt contagion, investors were somewhat dismayed by the rise of 431,000 in U.S. non-farm payrolls, which was less than the consensus forecast of around 515,000 (even though the unemployment rate was able to fall by more than expected to 9.7% from 9.9%). The safe haven yen as well as the greenback was able to benefit, with commodity currencies as such as the Australian dollar and New Zealand dollar tumbling over 2%. The Canadian dollar was also sold off despite a robust jobs report for Canada that showed almost 25,000 jobs were added.Stock markets in Europe ended the day lower on the increase in risk aversion but the losses in the U.S. stock indices were exacerbated with the Dow ending the day down over 3 percent and also below the 10,000 level. Gold fell back towards the $1200 level before bouncing in late trade to around $1219.00.Join Us and Strategize Your FX Trading!
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