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EUR selling remains entrenched - BTMU

FXStreet (Barcelona) - Lee Hardman, Currency Analyst at BTMU, observed the ongoing weakness around the EUR.

Key Quotes

"The euro has continued to weaken against the US dollar falling below the 1.3300-level for the first time since November of last year and to its lowest level since September of last year".

"The euro has remained under sustained selling pressure against the US dollar since peaking at just below the 1.4000-level in early May".

"EUR/USD has declined sharply by around 5.0% in just over three months, although it still remains modestly overvalued. It represents the longest sustained period of euro selling pressure since between May 2012 and July 2012 which marked the peak of investor concerns over the euro-zone sovereign debt crisis".

"There has clearly been a marked shift in the performance of the euro which had previously been trending stronger with occasional temporary corrections lower since the summer of 2012".

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