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Euro Drops Amid Risk Aversion 

November 4, 2015

London South East - Alliance News

The euro weakened against the other major currencies in the early European session on Tuesday amid risk aversion, after the US government accused German automaker Volkswagen of cheating air pollution tests for a second time and British lender launched a 5 billion dollar rights offering.

The UK's FTSE 100 index is currently down 0.15% or 9.64 points at 6,352, France's CAC 40 index is down 0.11% or 5.30 points at 4,910 and Germany's DAX is down 0.28% or 30.46 points at 10,920.

In the Asian trading today, the euro held steady against its major rivals.

In the European trading, the euro fell to 4-day lows of 1.0978 against the US dollar, 132.61 against the yen and 1.4403 against the Canadian dollar, from early highs of 1.1030, 133.12 and 1.4439, respectively. If the euro extends its downtrend, it is likely to find support 1.08 around against the greenback, 131.00 against the yen and 1.41 against the loonie.

Against the pound, the euro dropped to 0.7124 from an early high of 0.7147. On the downside, 0.70 is seen as the next support level for the euro.

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