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13 Mar 2015
EUR/AUD: Pressing deeper into 2011 grounds
FXStreet (Guatemala) - EUR/AUD is currently trading at 1.3739 with a high of 1.3857 and a low of 1.3734.
EUR/AUD is sliding to the downside as the euro continues to suffer in the remaining hours of the week when the ECB commenced its Public Sector Purchase Programme. As explained by analysts at Rabobank, "Core euro area government bonds have extended gains, dragging yields to record lows as the bull flattening witnessed ahead of the purchase programme was magnified significantly," and the euro has been in heavy supply since the start of this week.
EUR/AUD dropped through key support and a 6 month low and it is starting to work its way lower through 2011's range which is likely to be a tough area. However, the greenback is strong and some analysts are calling for parity vs the euro in the medium/long term. Bears in the cross will also be looking if there are improvements in Australia's economy and commodities in the near term.
EUR/AUD is sliding to the downside as the euro continues to suffer in the remaining hours of the week when the ECB commenced its Public Sector Purchase Programme. As explained by analysts at Rabobank, "Core euro area government bonds have extended gains, dragging yields to record lows as the bull flattening witnessed ahead of the purchase programme was magnified significantly," and the euro has been in heavy supply since the start of this week.
EUR/AUD dropped through key support and a 6 month low and it is starting to work its way lower through 2011's range which is likely to be a tough area. However, the greenback is strong and some analysts are calling for parity vs the euro in the medium/long term. Bears in the cross will also be looking if there are improvements in Australia's economy and commodities in the near term.