Corporate foreign exchange news

Published by Jamie JemmesonThe euro may have entered a medium-term downward trend that will last for at least a few more months, technical analysis shows.According to Forex Datasource, the single currency has traded within broad upward and downward trends against the dollar since its introduction in 1999."Based on a rather simple precedent in longer term periods, it appears that the euro has started a phase of weakness that may last several months," the group predicted.The euro saw further weakness during foreign exchange trading this morning (February 8th) amid lingering concerns about a potential European debt crisis.Speaking to Reuters, Akira Hoshino, chief manager at Bank of Tokyo-Mitsubishi UFJ's foreign exchange trading department, said the yen may be in for further weakness as well."Market players think the yen might weaken in the longer term, but that trend has not taken hold yet. We will not see that kind of market unless market players start taking on risk," he predicted.For more information on international payments, visit our Smart FX site