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Apparently Still Distrustful

Title: Euro stung by thin year-end trade; downside beckons

The euro nursed heavy losses in Asia on Thursday, having suffered a sudden drop overnight as moves were amplified in poor year-end liquidity after stop-losses were triggered. The common currency fell nearly 1 percent to a one-year low at $1.2910, before recovering some ground to last stand at $1.2936. Selling accelerated after it broke trendline support drawn from December 14 at around $1.3050, traders said. Against the yen, the euro skidded to a 10-year trough around 100.70, before steadying at 100.88. Even a fall in Italy's funding costs at an auction of short-term debt failed to provide lasting support for the single currency. Markets are now waiting to see the outcome of a sale of up to 8.5 billion euros of Italian bonds on Thursday. "EUR/USD broke below its upward trending channel, ...

Tags: apparently still distrustful • apparently still distrustful of each

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