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Forex News: Euro Falls As Sentiment Sours Ahead Of U.K.

Euro Falls As Sentiment Sours Ahead Of U.K. Elections, Comey Testimony

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

(RTTNews) - The euro slipped against its major rivals in the European session on Tuesday amid risk aversion, with falling oil prices coupled with nervousness ahead of U.K. elections and testimony by former FBI Director James Comey in the United States on Thursday dampening risk sentiment.

Comey is set to testify before the Senate Intelligence Committee on Russia investigation. He is likely to be grilled by the Committee about the conversations with the U.S. President Donald Trump related to the ongoing investigation into Russian interference in the 2016 election.

Oil prices fell further below $50 a barrel on speculation that a diplomatic rift among some of the most powerful states in the Arab world could hamper a global deal to reduce oil production.

According to the latest Survation poll conducted on Friday and Saturday, British Prime Minister Theresa May's lead over the opposition Labour Party has shrunk from 17 to just 1 percentage point. With just two days before election, investors are worried over narrowing gap between Labour and the Conservatives that suggested the race is neck and neck.

Survey results from think tank Sentix showed that Eurozone investor confidence strengthened to a near decade high in June.

The investor confidence index rose to 28.4 in June from 27.4 in May. This was the highest reading since July 2007. The score was forecast to remain unchanged at 27.4.

Data from Eurostat showed that Eurozone retail sales grew marginally in April as non-food sales weakened from March.

Retail sales volume edged up 0.1 percent in April from March, when they rose 0.2 percent. The monthly growth rate came in line with expectations.

The euro showed mixed performance in the Asian session. While the currency held steady against the franc and the pound, it fell against the Japanese yen. Against the greenback, the euro rose.

The euro retreated to a session's low of 0.8692 against the pound, from a high of 0.8731 hit at 10:15 pm ET. On the downside, 0.85 is likely seen as the next support level for the euro-pound pair.

Data from the British Retail Consortium and KPMG showed that British consumers reduced their spending as household budgets were increasingly squeezed by rising inflation.

Like-for-like sales declined 0.4 percent in May from the previous year, when they advanced 0.5 percent. Sales were expected to drop 0.2 percent.

Having advanced to 1.1278 against the dollar at 1:45 am ET, the euro edged down to 1.1242. The euro is poised to locate support around the 1.11 area.

The euro dipped to near a 5-week low of 1.0843 against the Swiss franc and held steady thereafter. The next likely support for the euro-franc pair is seen around the 1.07 mark.

The European currency hit a 5-day low of 1.5128 against the loonie and near a 4-week low of 1.5675 against the kiwi, after having advanced to 1.5187 and 1.5804, respectively in early deals. Further downtrend may take the euro to support levels of around 1.50 against the loonie and 1.55 against the kiwi.

Reversing from an early high of 1.5110 against the aussie, the euro eased to 1.5027. The euro is likely to target 1.50 as the next support level.

The yen suffered losses, as investors sought refuge in safe-haven assets amid falling European shares.

The Japanese yen spiked up to a 1-1/2-month high of 141.46 against the pound and a weekly high of 123.23 against the euro, off its early lows of 142.65 and 124.40, respectively. The next possible resistance for the yen is seen around 140.00 against the pound and 122.00 against the euro.

The yen climbed to a 6-day high of 113.55 against the Swiss franc, near 2-month high of 109.56 against the greenback and near a 3-week high of 81.43 against the loonie, from its early lows of 114.52, 110.52 and 82.02, respectively. Continuation of the yen's uptrend may see it challenging resistance around 112.00 against the franc, 108.00 against the greenback and 80.5 against the loonie.

The yen rose to near a 3-week high of 81.83 against aussie and held steady in subsequent deals. The pair was valued at 82.70 when it ended Monday's deals.

Looking ahead, Canada Ivey PMI for May is set for release in the New York session.

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