The euro continued its early fall against its major rivals in European morning deals on Friday, in reaction to the European Central Bank's decision to launch €60 billion a month bond buying program, and on concerns ahead of the Greek elections on Sunday.

Greece goes to polls on Sunday after the Parliament failed in late December to agree on a new head of state. According to opinion polls, anti-austerity party Syriza, or the Coalition of the Radical Left, is heading for a comfortable victory. There are fears that hard-left Syriza coalition may renegotiate a chunk of Greek debt and end austerity measures if it is voted into power.

The ECB president Mario Draghi said on Thursday that the bank will buy assets, including government debt, asset-backed securities and covered bonds, for a total of €60 billion a month.

The scheme would commence in March and last until the end of September 2016, or "until we see a sustained adjustment in the path of inflation," Draghi told.

Quantitative easing program tends to debase the economy's exchange rate. The euro nose-dived after the announcement.

Meanwhile, Eurozone private sector grew at the fastest pace in five months in January, flash survey data from Markit Economics showed.

The composite output index rose more-than-expected to a five-month high of 52.2 in January from 51.4 in December. Economists has forecast it to rise to 51.7 nominally. The single currency fell to 1.1219 against the U.S. dollar for the first time since August 2003. This is down by around 1.3 percent from yesterday's closing value of 1.1364. Continuation of the euro's bearish trend may lead it to a support around the 1.10 zone.

The euro dropped to a 1-week low of 0.9839 against the Swiss franc and a 7-year low of 0.7497 against the Sterling, down from Thursday's closing values of 0.9885 and 0.7570, respectively. The next possible downside target levels for the euro may be located around 0.96 against the franc and 0.74 against the Sterling.

The common currency hit 133.00 against the Japanese yen, its lowest since November 2013. The pair was valued at 134.64 at Thursday's close. If the euro extends slide, 131.00 is likely seen as its next support level.

The manufacturing sector in Japan continued to expand at an accelerated pace in January, the latest flash purchasing managers' index from Markit Economics and the Japan Materials Management Association revealed.

The Markit/JMMA manufacturing purchasing managers' index, or PMI, edged up to 52.1 in January from 52 in December.

Extending early slide, the euro slipped to a 3-day low of 1.3920 against the Canadian dollar. The euro-loonie pair ended yesterday's deals at 1.4069. Next key support for the euro is seen around the 1.375 mark.

The 19-nation currency, which ended Thursday's deals at 1.5143 against the NZ dollar, slipped to a 3-day low of 1.5000. The next likely downside target for the euro-kiwi pair could be found near the 1.48 area.

The euro eased to 1.4102 against the aussie, after having advanced to 1.4212 at 2:45 am ET. The euro may test support near the 1.40 region.

Looking ahead, U.S. existing home sales and leading indicators for December and Markit's manufacturing PMI for January, as well as Canada CPI for December and retail sales for November are set for release in the New York session.

Euro vs AUD (FX:EURAUD)
Forex Chart
Von Feb 2024 bis Mär 2024 Click Here for more Euro vs AUD Charts.
Euro vs AUD (FX:EURAUD)
Forex Chart
Von Mär 2023 bis Mär 2024 Click Here for more Euro vs AUD Charts.