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by ForexNewsNow Team on July 12, 2010

EUR/USD slips for second day amid EU banking fears

NEW YORK (Forex News Now) – The euro slipped against the dollar on Monday, extending its recent decline for a second day amid fresh fears over the health of Europe’s banking sector.

In late U.S. currency trading, EUR/USD traded at 1.259, down 0.41 percent on the day.

The single currency’s losses came ahead of the publication of bank stress test results in Europe, which could underscore fresh financial strains.

According to forex analysis, EUR/USD is likely to touch immediate support around the open of July 6, 1.2537, and encounter resistance around Friday’s high, 1.2722.

Also Monday, Germany’s finance minister, Wolfgang Schäuble, moved to dispel concerns that the tests will not be rigorous enough.

“First it is said that they are much too strict and that this is killing the banks. Then the next day it is said that they are too weak and have no effect,” the Financial Times quoted Schäuble as telling reporters. “The truth is mostly in the middle.”

 

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