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Australian Dollar Tumbles On Reserve Comments

Australian Dollar Tumbles On Reserve Comments - The euro fell to a fresh two-month low against a broadly recovering dollar on Friday as a relentless rise in euro zone countries' bond yields fanned worries over their debt financing.

The Australian dollar tumbled after the Australian central bank quashed chances of an imminent rate hike while the yen hit a seven-week low against the dollar, with fresh sabre-rattling by North Korea helping the U.S. currency.

"We've been hearing one piece of bad news after another from the euro zone lately. There's even talk of a breakup of the euro zone," said Tsutomu Soma, manager of foreign securities at Okasan Securities.

A majority of euro zone nations and the European Central Bank are urging Portugal to apply for a financial bailout from a European rescue fund, Financial Times Deutschland reported on Friday. [ID:nLDE6AO26F]

"I think Portugal has already crossed the point of no return. Its bond yield has gone beyond a sustainable level. The market is now watching whether Spain will need a rescue," said a Japanese bank trader.

The euro fell 0.6 percent to $1.3280 EUR=, having fallen as low as $1.3265, its lowest level since late September.

Traders believe the euro will have more opportunities to test the downside, with a break below the latest trough seen putting the single currency's trendline support at $1.3230 as the next target, followed by its 200-day moving average around $1.3135.

Australian Dollar Tumbles On Reserve Comments
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