Asian Currencies drop start the week with a decline as the Europe's debt crisis to expand

By @ibtimes on

The Asian currencies started the week with a decline, where they declined for a second straight day as the negative results that will cause Asian companies and will affect their sales in European markets, pushing the stock markets in Asia to retreat.

Moreover, the Australian dollar has dropped against its major counterpart as the investors increased their bets that the Reserve Bank of Australia (RBA) will keep the rates steady during the next Bank's meeting as the economy aims to support the economic growth.

The AUD/USD pair declined to trade around 1.0628 after recorded the highest level at 1.0639 and the lowest level at 1.0613, while the momentum indicators give selling signs.

On the other hand, the New Zealand dollar (the Kiwi) declined for the first time in four days versus the US dollar, as Concerns over a slowdown in the global economic recovery are also leading selling of the kiwi.

NZD/USD pair slid, which recorded a low of 0.7926 and a high of 0.7949, trades around 0.7932.

Turning to the European currency, the shared currency continues its downside movement against the major, especially versus the US dollar, as escalating the European debt crisis that will hurt the global economic recovery, encouraging the investors to increase their demand for heave currencies like Japanese Yen and US dollar over the Euro Currency and the British Pound.

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