EUR/USD down to 1.1070 as ECB Looms

The euro wallowed at its lowest in over 11 years against the greenback early on Thursday, having suffered a big setback as investors waited for the European Central Bank to announce more details of its massive bond-buying program.

The euro zone common currency fell as far as $1.1061, a low not seen since September 2003, surpassing the previous trough of $1.1098 set on Jan. 26. It was last at $1.1084.  It also slid to a one-month low of 132.40 yen and came within a whisker of a seven-year trough against sterling. The euro last traded at 72.56 pence, not far off the low near 72.35 set earlier in the week.

“There was little fundamental news to explain the weakness in the euro over the past 24 hours, but downward pressure remains and the break of some key technical support areas has provoked further selling,” said Brian Martin, strategist at ANZ.

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