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- FOREX NEWS :: Dollar steady after short- covering rally
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Euro, Aussie dollar struggle as risk aversion mounts
Dated Posted: 2011-09-05
SYDNEY, Sept 5 - The euro fell to fresh three-week lows against the dollar in Asia on Monday, while commodity currencies also came under pressure as worries about the euro zone debt problems and weak U.S. payrolls data hit appetite for riskier assets.
Data last Friday showed U.S. employment growth ground to a halt in August, while the European debt crisis continued to fester with Greece and its international lenders now at odds over whether it has met conditions for a new aid tranche.
"Concerns about high debt in Europe has resurfaced, and those poor payrolls results certainly got people worried about the U.S. economy and the global economy as well, that's seen pressure on the euro and Aussie. I think that'll continue for the first half of the week," said Joseph Capurso, strategist at Commonwealth Bank in Sydney.
The euro fell to $1.4138 , reaching lows not seen since Aug. 11. It was down from $1.4198 late in New York on Friday. This helped drive the dollar index back to one-month highs.
The euro faces a week packed with potential event risk, both political and legal. See .
The Australian dollar slipped to $1.0595, having broken through the 55-day moving average at $1.0628. It was well off last week's peak around $1.0765.
Against the yen, the dollar held reasonably steady at 76.83 , holding off a record low around 75.94 plumbed last month with markets still wary of Japanese intervention.
U.S. stocks slid 2 percent on Friday in the wake of the U.S. jobs data as investors fretted more about the economic outlook rather than looking ahead to another round of Federal Reserve debt buying, known as quantitative easing .
There is also the prospect of further fiscal measures President Barack Obama due to address a joint session of Congress on Thursday to lay out plans to create jobs, boost economic growth and lower the deficit.
"The immediate U.S. focus is now President Obama's jobs speech to Congress ... and assessment of whether any fresh stimulus measures have a chance of gaining Congressional approval (beyond the rolling forward of some existing tax breaks and benefits)," BNP Paribas analysts wrote in a note.
Source: Reuters
