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Forex News: Euro Falls Amid Risk Aversion

Euro Falls Amid Risk Aversion

05/08/2017 - 06:26:00 (RTTNews)

(RTTNews) - The euro weakened against the other major currencies in the European session on Monday, as European market shares fell after the French election results came broadly in line with what pollsters have predicted.

Investors had shifted their focus from politics to the economy. Resources stocks also turned weaker amid the recent slide in commodity prices.

The resources stocks slipped after the weak china data in the Asian deals.

Data from the General Administration of Customs showed that China's exports and imports expanded less than expected in April.Exports grew 8 percent in April from the prior year, but slower than the expected growth of 11.3 percent and March's 16.4 percent increase.

At the same time, imports logged a double-digit growth of 11.9 percent versus the expected expansion of 18 percent and around 20.3 percent rise in March.

In other economic news, data from think tank Sentix showed that Eurozone investor confidence rose to a near decade high in May. The investor sentiment index rose to 27.4 in May, the highest since July 2007, from 23.9 in April. The score was forecast to rise to 24.7.

The current conditions index surged to 34.5 from 28.8 in the prior month. This was the highest level since January 2008.

In the Asian trading today, the euro held steady against its major rivals.

In the European trading, the euro fell to a 4-day low of 1.0937 against the U.S. dollar, from an early 6-month high of 1.1021. The euro is likely to find support around the 1.06 region.

Against the pound, the euro slipped to a 6-day low of 0.8434 from an early high of 0.8484. On the downside, 0.82 is seen as the next support level for the euro.

The euro dropped to 122.98 against the yen and 1.0849 against the Swiss franc, from an early nearly a 1-year high of 124.46 and a 5-month high of 1.0883, respectively. If the euro extends its downtrend, it is likely to find support around 120.00 against the yen and 1.07 against the franc.

Against the Australian, the New Zealand and the Canadian dollars, the euro slid to a 4-day low of 1.4761, a 5-day low of 1.5769 and a 4-day low of 1.4952 from early highs of 1.4865, 1.5952 and 1.5044, respectively. The euro may test support near 1.44 against the aussie, 1.54 against the kiwi and 1.47 against the loonie.

Looking ahead, Canada housing starts for April is set for release at 8:15 am ET.

At 8:35 am ET, Federal Reserve Bank of St. Louis President James Bullard is epected to speak on "Shifting Sands of Low Interest Rates" at a policy session before the Federal Reserve Bank of Atlanta 22nd Annual Financial Markets Conference, in Fernandina Beach, Florida.

At 8:45 am ET, Federal Reserve Bank of Cleveland President Loretta Mesteris expected to speak before event, "From Main Street to Wall Street: Economic Growth, Monetary Policy and the Federal Reserve" hosted by the Chicago Council on Global Affairs, in Chicago.

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