Euro extends losses, hits session low below $1.32

NEW YORK (BestGrowthStock) – The euro extended losses against the dollar to hit a two-week low in mid-morning trading on Friday after a drop below $1.32 triggered automatic sell orders.

The euro slid as low as $1.3138 on trading platform EBS, and was last down 0.7 percent $1.3147.

Traders said sell stops below $1.32 and in the $1.3165-80 area were triggered.

Thin conditions before the end of the year likely exacerbated the decline.

The euro came under pressure on Friday after Moody’s Investors Service slashed Ireland’s credit rating by five notches and warned further downgrades could follow if Ireland was unable to stabilize its debt situation.

(Reporting by Wanfeng Zhou, Editing by Chizu Nomiyama)

Euro extends losses, hits session low below $1.32