Euro’s Embraced In The Big Apple
New York City is seeing some shops and retailers accepting payments in Euro’s and other foreign currency as the USD continues to weaken across the board.
As foreign currency continues to strengthen against the greenback, more and more foreign tourists are flocking to the Big Apple, and taking their foreign currency with them.
Although shops and businesses along the US-Mexican border and the US-Canadian border have taken Peso’s and Canadian Dollars, it has previously been unheard of in New York City.
Today In The Markets
The Euro fell for the third day against the USD as ECB President Jean-Claude Trichet said Europe may be effected by the US economic slowdown.
The pound fell after the BoE dropped the benchmark rate by a quarter percent to 5.25. However, the ECB maintained present interest rates unchanged.
“The market thinks the ECB and BOE are too slow to react. The Euro-Dollar is coming under further pressure” and may trade toward $1.36 and $1.37 this quarter.” Tom Fitzpatrick, global head of currency strategy at Citigroup Global Markets Inc. NY. - Bloomberg
A Look At The Chart
We can see the Euro-USD chart shows support and resistance in a downward channel, indicating further Euro losses.
Notice the price action is also moving well below the 55-day SMa and the 20-day SMa.
The stochastic also shows lower highs that match up with the downward price movement for the Euro.
[top]
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment