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Euro Driven to New Lows

Traders hammered the Euro to fresh weekly lows against its major G-7 counterparts. Ironically, the lows come two days before the G-7 are scheduled to meet in Italy. The press spin before the meeting is downplaying foreign exchange issues as a major topic of discussion, but traders aren't buying it. There's too great a risk of the market testing a sub-$0.90 Euro.

The US dollar pressed lower towards 115.40 against the Japanese Yen in early Asia/Pacific trading. Despite talk of large bidding interest all the way in the 115.50/80 area (including Kampo at 115.80) USD-JPY has been swamped by EUR-JPY selling (and repatriation selling on the other major crosses). 115.35/45 is major technical support, but talk of US model driven funds offering as low as 116.00/10.

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