Euro Slides Against Majors
09 Ottobre 2018 - 12:33PM
RTTF2
The euro drifted lower against its major counterparts in the
European session on Tuesday, as Italian bond yields spiked higher
despite reassuring comments from Economy Minister Giovanni Tria
over the government's budget plans.
In his Parliamentary address, Tria said he would have a
"constructive dialogue" with the EU over the 2019 budget.
He also added that the new budget deficit targets were
prudent.
"(We will) significantly reduce, within the first two years of
this legislature, the growth gap with the eurozone and bring about
the first significant decrease in the debt ratio over the next
three years," Tria said.
Preliminary data from the statistical office Destatis showed
that German exports declined for a second straight month in August,
defying expectations for an increase.
Merchandise exports fell a calendar and seasonally-adjusted 0.1
percent from July, when they decreased 0.8 percent. Economists had
expected a 0.4 percent increase.
The euro held steady against its major counterparts in the Asian
session, with the exception of the yen.
The euro declined to 1.1432 against the greenback, its lowest
since August 20. On the downside, 1.12 is possibly seen as the next
support level for the euro.
After rising to 0.8791 against the pound at 5:30 am ET, the euro
reversed direction and dropped to a 3-1/2-month low of 0.8761. The
euro is likely test support around the 0.86 area.
The euro, having advanced to 130.23 against the yen at 3:00 am
ET, changed course and fell to near a 4-week low of 129.34. The
next possible support for the euro is seen around the 128.00
level.
Pulling away from an early high of 1.1416 against the franc, the
euro dropped to a 5-day low of 1.1369. If the euro falls further,
it may find support around the 1.12 level.
The euro depreciated to a 4-day low of 1.4857 against the loonie
and a 5-day low of 1.6195 against the aussie, reversing from its
early highs of 1.4900 and 1.6263, respectively. The euro is seen
finding support around 1.47 against the loonie and 1.60 against the
aussie.
The single currency eased back to 1.7775 against the kiwi, not
far from a 4-day low of 1.7763 seen at 5:15 pm ET. The euro is
poised to find support around the 1.75 area.
Looking ahead, the Bank of England Deputy Governor Ben Broadbent
testifies on the use of the Retail Price Index before the Economic
Affairs Committee in London at 10:35 am ET.
At 2:00 pm ET, the Bank of Canada Senior Deputy Governor Carolyn
Wilkins will take part in a panel discussion titled "Empowering
Women in the Workplace" at an International Monetary Fund seminar
in Bali.
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