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Forex: EUR/USD ends the week at 2-year lows
FXstreet.com (Córdoba) - The euro weakened broadly on Friday, falling to fresh 2-year lows against the dollar after Spain's Valencia region asked for financial aid from the central government, fueling fears the country will need a full bailout.
EUR/USD dropped to its lowest rate since June 14, 2010 at 1.2143 as Spanish 10-year yields soared to a fresh euro-era high of 7.32% and the spread over the German bunds topped 600 bp. The Spanish stock index Ibex-35 closed 5.8% down.
Also on Friday, the rating agency Egan-Jones cut the Iberian country rating for the fourth time in nearly 3 months to CC+ from CCC+. Against this backdrop, the Eurogroup formal approval of Spanish bank bailout failed to offset the gloom.
Meanwhile, the shared-currency also hit a 3 ¾-year low versus the pound, and a 12-year low against the yen. The euro also printed new record lows versus the AUD, the CAD and the NZD on Friday and hit multi-month lows against the NOK and SEK.
EUR/USD is currently quoting at the 1.2150/60 area, recording a 1.0% loss on the day and a nearly 0.8% weekly decline. It was the third weekly decline in a row for the pair.
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