Euro slips against Major currencies

During Thursday’s Asian trading hours, the euro lost ground against other major currencies. After reaching an early high of 162.88 against the yen, the euro dropped to a more than 2-week low of 161.80.

The trend was similar with the British pound and the Canadian dollar. The euro hit new 2-day lows at 0.8420 against the pound and 1.5663 against the Canadian dollar, moving down from earlier highs of 0.8450 and 1.5714 respectively.

It also slid slightly versus the U.S. dollar and the Swiss franc, reaching 1.1290 and 0.9330 instead of the early high values of 1.1345 and 0.9352.

If this downward move continues, the euro may find support near 160.00 against the yen, 0.83 against the pound, 1.54 against the loonie, 1.11 against the greenback, and 0.91 against the franc.