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Forex News: Euro Falls Amid Risk Aversion

Euro Falls Amid Risk Aversion

07/04/2018 - 06:12:00 (RTTNews)

(RTTNews) - The euro slipped against its major counterparts in early European deals on Wednesday amid risk aversion, as sentiment soured on fears of a trade war between the U.S. and China, ahead of the July 6 deadline for the Trump Administration's planned imposition of tariffs on Chinese imports.

While Washington is set to impose tariffs on $34 billion worth of goods from Beijing on Friday, China has pledged that will retaliate with duties of its own on 545 American goods.

Sell-off in technology shares continued, after news that a Chinese court has temporarily banned Micron Technology from selling chips in China.

Final data from IHS Markit showed that the euro area economy regained some traction at the end of the second quarter.

The composite output index rose to 54.9 in June from 54.1 in May. The score was slightly above the flash estimate of 54.8.

The currency held steady against its major counterparts in the Asian session, with the exception of the greenback.

The euro dropped to a 6-day low of 0.8810 against the pound and a 2-day low of 128.55 against the yen, from its early highs of 0.8841 and 128.96, respectively. Next key support for the euro is likely seen around 0.87 against the pound and 126.00 against the yen. The 19-nation currency weakened to 1.1555 against the franc and 1.1636 against the greenback, coming off from an early high of 1.1577 and a 2-day high of 1.1682, respectively. The euro is seen finding support around 1.14 against the franc and 1.15 against the greenback.

The euro slipped to a session's low of 1.5299 against the loonie, after having advanced to 1.5335 at 2:45 am ET. The next possible support for the euro is seen around the 1.51 level.

The common currency hit a 2-day low of 1.7192 against the kiwi, from a high of 1.7277 seen at 5:00 pm ET. On the downside, 1.70 is likely seen as the next support for the euro.

The euro held steady against the aussie, after having fallen to a 5-day low of 1.5728 in the Asian session. The pair ended Tuesday's trading at 1.5781.

Data from the Australian Bureau of Statistics showed that Australia retail sales rose a seasonally adjusted 0.4 percent on month in May, coming in at A$26.673 billion.

That exceeded expectations for an increase of 0.3 percent following the upwardly revised 0.5 percent gain in April

The U.S. market is closed for Independence Day holiday.

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