June 4, 2010

Euro Pierces 1.20 Psychological Support Level

The Euro pierced the psychological 1.20 support level, sending the single-currency to a 4-year low. The began its slide early Friday morning, driven lower by fresh fiscal
problems from Hungary and a weak U.S. payroll figure. Concerns about Hungary’s fiscal situation initiated the break before the New York opening, while the U.S. jobs data helped accelerate the move to
the downside. The market weakened throughout the day as traders shied away from risky assets, instead favoring …