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FOREX-Euro hits 5-month lows vs dollar, sterling

20 January 2010

* Euro/dollar breaks through key 200-day moving average

* Commodity FX down on China bank lending reports

The euro hit five-month lows against the dollar and sterling on Wednesday as the single European currency's decisive break under a key support level prompted widespread selling.

The dollar rose across the board, boosted by a slide in commodity currencies on reports that some Chinese banks have been instructed to curb lending -- a move that may slow the China's economic recovery. The euro fell as low as $1.4166, its weakest since mid-August, after breaking through its 200-day moving average around $1.4295, which had been considered a key support level. Selling accelerated after stop-loss orders were triggered under that level, traders said. >>
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