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SYDNEY: Euro eased in early Asian trade on Monday and looked set to stay under pressure following the credit ratings downgrade of several euro zone countries, including France, late last week by Standard & Poor's.
Adding to the gloom, negotiations between Greece and private creditors on a debt swap deal broke down and markets are now worried the euro zone's bailout fund, ESFS, might lose its AAA rating with Standard and Poor's as well.
The euro stood at $1.2731, having touched a fresh 16-month trough against the dollar around $1.2624. This compared with $1.2674 late in New York on Friday. Against the yen, it reached an 11-year low near 97.10, before steadying at 97.29 yen.
The common currency also lost ground against the Australian dollar and was hovering just above an all-time low at A$1.2250 . Against the Swiss franc, it fell as low as 1.2041 francs, creeping ever closer to the SNB's floor of 1.2000.
"EURUSD has traded south ever since S&P's December 5 negative ratings watch announcement, and we suspect will remain subject to further downward pressure in the coming week," analysts at BNP Paribas said.
"This may have less to do with the fact that the EFSF is now threatened with...
WELLINGTON/SYDNEY: The Australian and New Zealand dollars were softer on the US dollar early on Monday as investors turned wary of risk after credit rating downgrades for nine euro zone economies, though the Aussie made another record high on the euro.
* The Aussie opens down around 0.3 percent at $1.0284 from Friday's New York close at $1.0315. It ranged between $1.0232 to $1.0368 in the offshore session.
* Initial support seen at $1.0263, the Jan 11 low which opens way to key level at $1.0220, with strong resistance at around $1.0385 where it has been knocked back several times this month.
* The New Zealand dollar fares a little worse falling 0.4 percent to $0.7913 from its close last week at $0.7945, after ranging between $0.7866 and $0.7955.
* Key support is seen at previous low of $0.7866, with initial resistance at $0.7981 ahead of $0.8000.
* The euro sits just above a near 17-month low against the greenback at $1.2635 from New York close of $1.2678. Standard and Poor's, as expected, downgraded the credit ratings of euro zone countries led by France, Spain, Italy and Austria. S&P, however, left Germany's triple A rating unchanged, with a stable outlook.....
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MELBOURNE: Australian stocks are set to open lower on Monday after Standard & Poor's cut the debt ratings of nine of the euro zone's 17 countries, including France, which could delay Europe's recovery.
* Stock index futures fell 0.4 percent to 4,163.0, a 32.9-point discount to the underlying S&P/ASX 200 index . The benchmark rose 14.9 points on Friday to end the week 2.1 percent higher.
* Miners may be in the frame after a newspaper reported that the Greens, which hold the balance of power in the Australian Senate, want the Labor government to revise the planned profit tax on large iron ore and coal mines.
* New Zealand's benchmark NZX 50 index slipped 0.2 percent to 3,221.4 in early trade.
* US stocks dropped on Friday, snapping a four-day winning streak, after news reports that Standard & Poor's would downgrade credit ratings on several euro-zone countries.
* Copper capped its strongest weekly performance in six weeks with a whimper on Friday, dropping back after setting a fresh 2-month high as investors dumped risk amid talk of imminent credit downgrades of euro zone countries. Gold fell 1 percent.
* Standard & Poor's downgraded the credit ratings of nine euro-zone countries, stripping France and Austria...
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