RTTN:Euro Declines As Cyprus Seek More Financial Aid From EU
The European single currency slipped against its major counterparts on Friday, as European Union finance ministers gather in Dublin to finalize Cyprus bailout package and consider extending debt repayment dates for Portugal and Ireland.
Cyprus President Nicos Anastasiades reportedly told that the crisis-driven nation needs more financial assistance from the European Union.
The President said that he is writing to European Commission President Jose Manuel Barroso and to European Council President Herman Van Rompuy for extra aid as bailout costs surged to 23 billion euros from 17.5 billion euros originally estimated.
The euro's selling pressure intensified after Eurozone industrial production data, which showed that the sector contracted 3.1 percent on year in February, compared to forecast of 2.5 percent decline.
The euro declined to 1.2388 against the aussie, nearer to weekly low of 1.2366 hit on Thursday. If the euro falls further, it may break 1.23 level.
The euro slipped to a 4-day low of 1.3203 against the loonie, down from yesterday's New York session close of 1.3243. The euro is likely to seek next downside target level around 1.315.
The euro depreciated 0.27 percent to hit a 4-day low of 1.2167 against the franc from Thursday's close of 1.2200. On the downside, the euro may find 1.21 as next target level.
The euro touched 0.8493 against the pound, its lowest since April 8. The euro may face support around 0.84 level. At yesterday's close, the pair traded at 0.8518.
The euro lost 0.50 percent against the greenback and reached a 3-day low of 1.3041. The next immediate support level for the euro-greenback pair is seen around 1.30. The pair ended yesterday's trading at 1.3107.
The euro reached a 3-day low of 129.02 against the yen, down 1.59 percent from fresh 3-year high of 131.11 hit on Thursday. The euro is set to break next downside target level at 127.8.
An index measuring tertiary industry was up a seasonally adjusted 1.1 percent on month in February, the Ministry of Economy, Trade and Industry said - standing at 99.9.
That topped forecasts for an increase of 0.7 percent following the 1.1 percent contraction in January.
The U.S. retail sales and PPI for March, Reuters/University of Michigan's preliminary consumer sentiment index for April and business inventories for February are due in the New York session.
