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Forex News: Euro Falls On Italian Election Worries

Euro Falls On Italian Election Worries

05/08/2018 - 10:37:00 (RTTNews)

(RTTNews) - The euro declined against its major counterparts in the European session on Tuesday, as investors weighed the possibility of a snap election in Italy after the third round of talks aimed to form a coalition government ended in failure.

President Mattarella on Monday urged party leaders to put a "neutral government" until new elections can be held.

The gridlock came after the two main winners of the March 4 election, the anti-establishment 5-Star-Movement and the anti-immigrant and anti-European Union League, failed to agree on a coalition following weeks of negotiations.

"Let the parties decide of their own free will if they should give full powers to a government... or else new elections in the month of July or the autumn," Mattarella said.

Caution prevailed ahead of President Donald Trump's announcement of his decision on the Iran nuclear deal.

Trump is widely expected to withdraw from the agreement, which lifted sanctions on Iran in exchange for limits on the country's nuclear program.

In economic news, data from Destatis showed that Germany's industrial production recovered in March.

Industrial production grew by more-than-expected 1 percent month-on-month in March, reversing a 1.7 percent fall in February. Output was forecast to grow 0.8 percent.

Separate data showed that Germany's exports increased for the first time in four months in March, while imports continued to drop.

Exports climbed 1.7 percent on month, in contrast to a 3.1 percent fall in February. Shipments were expected to grow 1.8 percent. This was the first increase since November 2017.

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

The euro declined to 1.1883 against the Swiss franc, its weakest since April 17. The euro is likely to find support around the 1.17 mark.

Data from the State Secretariat for Economic Affairs showed that Switzerland's unemployment rate dropped marginally in April.

The jobless rate fell to a seasonally adjusted 2.7 percent in April from revised 2.8 percent in March. The rate was expected to remain unchanged at March's originally estimated 2.9 percent.

The single currency dipped to 1.1838 against the greenback, a level unseen since December 22, 2017. The next possible support for the euro is seen around the 1.17 area.

The euro fell to a weekly low of 0.8772 against the pound and a 1-1/2-month low of 129.24 against the yen, from its early highs of 0.8810 and 130.12, respectively. The euro is poised to challenge support around 0.86 against the pound and 128.00 against the yen.

The euro eased to 1.5356 against the loonie, reversing from an early weekly high of 1.5444. On the downside, 1.51 is likely seen as the next support for the euro.

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