Asian session: The euro fell
The euro fell against most of its major peers on speculation its advance to a 15-month high against the dollar was excessive given lingering concern Europe’s debt crisis may worsen.
Europe’s common currency retreated from its highest level since May 2010 against the yen as technical charts signaled the past month’s 7.7 percent rally may reverse.
Europe’s common currency also weakened as German Finance Minister Wolfgang Schaeuble warned that Greece might need more financial relief, reviving European debt concerns just as Portugal seeks an 80 billion-euro ($116 billion) aid package.
The euro climbed against all 16 of its most-traded counterparts in the past three months amid prospects of interest-rate increases for the region. The European Central Bank raised its key rate by 25 basis points to 1.25 percent April 7.
The currency’s 14-day relative strength index against the dollar was at 71 today, more than the 70 level that indicates to some traders an asset’s price may reverse direction. Against the yen, its RSI was 73.
EUR/USD: the pair bargained within the limits of $1,4440-$ 1,4480
GBP/USD: the pair decreased in around $1,6320.
USD/JPY: the pair decreased in around Y84,70.