Euro falls under $1.40; dollar hits high vs Swiss franc
NEW YORK: The euro extended declines against the dollar to hit its lowest in eight weeks on Tuesday, breaking below key technical levels.
The euro fell as low as $1.3972 on trading platform EBS, its lowest level since July 13. It was last at $1.3990, down 0.7 percent on the day.
Earlier, the euro fell below its 200-day moving average, currently located $1.4015.
Brian Dolan, chief strategist at Forex.com in Bedminster, New Jersey, said traders were trying to push the downside in euro/dollar as London trading came to a close. The next key level to watch is $1.3960.
Traders also cited dollar buying across the board.
The dollar climbed to a fresh session high of 0.8600 Swiss franc on EBS and was last at 0.8583 franc, up 9.1 percent on the day.
"The dollar is bid across the board," Dolan said. "This is a story of investors seeking real safety and they are buying the US dollar and US Treasuries. The dollar is currently under a safe-haven glow."
Copyright Reuters, 2011
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