The Euro erased all previous week's gains against the Greenback and is closing Friday below 1.4300 as euro zone woes continue to put pressure on the hegemonic currency. On Tuesday, Moody's downgraded Portugal credit rating, triggering a sell-off in the Euro crosses.
Despite the ECB raised interest rates by 25bps on Thursday and Trichet sounded pretty hawkish, the shared currency couldn't sustain momentum as risk aversion intensified on Friday on the back of weaker-than-expected US employment data.
Earlier, EUR/USD set a 1-week low at 1.4204 and despite a recovery attempt above 1.4300, it fell back to the 1.4230/70 area where it has spent the last hours. The pair is currently at 1.4240 on track to record a 1.97% loss this week.
Source: FXCC
Despite the ECB raised interest rates by 25bps on Thursday and Trichet sounded pretty hawkish, the shared currency couldn't sustain momentum as risk aversion intensified on Friday on the back of weaker-than-expected US employment data.
Earlier, EUR/USD set a 1-week low at 1.4204 and despite a recovery attempt above 1.4300, it fell back to the 1.4230/70 area where it has spent the last hours. The pair is currently at 1.4240 on track to record a 1.97% loss this week.
Source: FXCC