Euro May Weaken Below $1.30 After Jobs Report, CMC Markets Says
By Lukanyo Mnyanda
July 2 (Bloomberg) -- The euro may drop to the lowest level in more than two months against the dollar as risk aversion increases after a report showed U.S. employers cut more jobs than forecast in June, CMC Markets said.
The currency âeyes a break below $1.30, with the preliminary targets standing at $1.3920 and $1.3880,â Ashraf Laidi, chief market strategist at CMC in London, wrote in a note today. The jobs report âleaves no doubt to equity, bond and oil traders as the risk aversion trade dragsâ stocks lower, he wrote.
The euro fell 1 percent to $1.3997 as of 4:35 p.m. in London. The currency hasnât traded below $1.30 since April 28, according to data compiled by Bloomberg.
To contact the reporter on this story: Lukanyo Mnyanda in London at lmnyanda@bloomberg.net
By Lukanyo Mnyanda
July 2 (Bloomberg) -- The euro may drop to the lowest level in more than two months against the dollar as risk aversion increases after a report showed U.S. employers cut more jobs than forecast in June, CMC Markets said.
The currency âeyes a break below $1.30, with the preliminary targets standing at $1.3920 and $1.3880,â Ashraf Laidi, chief market strategist at CMC in London, wrote in a note today. The jobs report âleaves no doubt to equity, bond and oil traders as the risk aversion trade dragsâ stocks lower, he wrote.
The euro fell 1 percent to $1.3997 as of 4:35 p.m. in London. The currency hasnât traded below $1.30 since April 28, according to data compiled by Bloomberg.
To contact the reporter on this story: Lukanyo Mnyanda in London at lmnyanda@bloomberg.net