Euro Weakens On China Virus Worries
27 Janvier 2020 - 7:00AM
RTTF2
The euro dropped against its major counterparts in the European
session on Monday, as concerns over the spread of a virus outbreak
in China and its potential economic impact reduced demand for
riskier assets.
Death toll from the outbreak in China rose to 81 while the virus
spread to more than 10 countries including Australia, France, the
Republic of Korea, Japan and the United States.
China's National Health Commission on Sunday said the new
coronavirus is contagious even in its incubation period, which
lasts up to 14 days, and that the virus' ability to spread is
getting stronger.
Political events also remained on investors radar after Matteo
Salvini's attempt to trigger a crisis for Italy's coalition
government by seizing control of the leftwing region of
Emilia-Romagna failed.
Survey data from the Ifo institute showed that German business
confidence weakened in January.
The business climate index dropped unexpectedly to 95.9 in
January from 96.3 a month ago. The reading was expected to rise to
97.0.
The euro traded mixed against its major counterparts in the
Asian session. While it held steady against the greenback, it rose
against the pound and the franc. Against the yen, it fell.
The euro fell to 1.1015 against the greenback, its lowest since
December 2. The next possible support for the euro is seen around
the 1.09 level.
The euro dropped to a new 2-month low of 119.92 against the yen
from Friday's closing value of 120.42. The euro is seen finding
support around the 118.00 region.
The euro declined to near a 3-year low of 1.0688 against the
franc, compared to Friday's closing quote of 1.0705. On the
downside, 1.04 is likely seen as the next support level for the
euro.
The single currency edged down to 0.8409 against the pound,
after rising to a 4-day high of 0.8449 at 9:30 pm ET. If the euro
extends decline, 0.83 is likely seen as its next support level.
In contrast, the euro rose to near a 3-week high of 1.6275
against the aussie, 4-day highs of 1.4541 against the loonie and
1.6808 against the kiwi, off its early lows of 1.6169, 1.4495 and
1.6709, respectively. The euro is likely to target resistance
around 1.65 against the aussie, 1.47 against the loonie and 1.70
against the kiwi.
Looking ahead, at 10:00 am ET, U.S. new home sales data for
December is scheduled for release.
Euro vs Sterling (FX:EURGBP)
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Euro vs Sterling (FX:EURGBP)
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