2011.08.1805:15:00UTC+00Australian Dollar Drops To 2-day Low Against Euro

The Australian dollar extended Asian session's decline against major currencies in early European trading on Thursday.

The aussie is presently trading at a 2-day low of 1.3786 against the euro with 1.3840 seen as the next likely downside target level.

The Australian currency also continued its downtrend against the currencies of the U.S. and Japan, slipping to as low as 1.0465 and 80.15, respectively around 4:00 am ET.

If the aussie weakens further, it may find target levels at 79.80 against the yen and 1.0440 against the greenback.