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Forex News: Euro Falls Amid Risk Aversion

Euro Falls Amid Risk Aversion

08/30/2018 - 06:32:00 (RTTNews)

(RTTNews) - The euro declined against its major counterparts in the European session on Thursday amid risk aversion, as renewed concerns that China's growth is slowing and Brexit fears overshadowed signs of progress in NAFTA talks.

U.S. tariffs on another $200 billion of Chinese goods will take effect next month and the response from China may have significant consequences for the global economy and currencies.

Meanwhile, Italian Deputy Prime Minister Luigi Di Maio denied media reports suggesting that Italy is considering a plan for a new bond-buying program from the European Central Bank to avert a ratings downgrade.

Survey results from European Commission showed that Eurozone economic confidence deteriorated more-than-expected in August.

The economic sentiment index dropped to 111.6 in August from 112.1 in July. The expected score was 111.9.

The currency traded mixed against its major counterparts in the Asian session. While it held steady against the pound and the franc, it fell against the greenback and the yen.

The euro retreated to 1.1675 against the greenback, from a 2-day high of 1.1718 hit at 3:15 am ET. The euro is likely to challenge support around the 1.15 level.

The single currency edged down to 130.26 against the yen, after having advanced to 130.87 at 8:00 pm ET. On the downside, 128.00 is likely seen as the next support level for the euro.

Data from the Ministry of Economy, Trade and Industry showed that Japan retail sales rose a seasonally adjusted 0.1 percent on month in July.

That missed expectations for an increase of 0.2 percent following the 1.5 percent spike in June.

The euro fell to 1.1323 against the franc, its lowest since August 16. The euro is poised to find support around the 1.12 level.

The euro eased to 1.5098 against the loonie and 1.6027 against the aussie, from its early high of 1.5129 and more than 4-month high of 1.6083 respectively. If the euro falls further, it may find support around 1.49 against the loonie and 1.57 against the aussie.

On the flip side, the euro bounced off to 0.8993 against the pound, from a weekly low of 0.8972 seen at 2:15 am ET. If the euro rises further, 0.92 is likely seen as its next resistance level.

Data from the Bank of England showed that UK mortgage approvals decreased more than expected in July.

The number of loans approved in July fell to 64,768 from 65,374 in June. Approvals were forecast to fall moderately to 65,000.

Looking ahead, at 8:00 am ET, German preliminary CPI for August is scheduled for release.

In the New York session, Canada GDP data for June, U.S. weekly jobless claims for the week ended August 25 and personal income and spending data for July are set for release.

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