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Forex News: Euro Falls On Trade Uncertainty

Euro Falls On Trade Uncertainty

06/28/2019 - 03:20:00 (RTTNews)

(RTTNews) - The euro declined against its major counterparts in the Asian session on Friday, as investors became cautious ahead of the highly anticipated meeting between U.S. President Donald Trump and Chinese President Xi Jinping amid uncertainty over progress in talks to resolve the stalemate.

Sentiment faded White House economic adviser Larry Kudlow maintained his threat to impose new tariffs on Chinese goods if talks do not end in progress at the Group of 20 summit in Japan starting today.

Kudlow also said there are no preconditions set for the U.S.-China trade meeting.

The Wall Street Journal had reported Thursday that China President Xi Jinping is expected to present the U.S. trade coalition with a set of terms, including the lifting of ban on the sale of U.S. technology to Huawei before Beijing will settle the trade dispute.

Flash inflation figures from euro area are due at 5:00 am ET. Inflation is seen unchanged at 1.2 percent in June.

The euro edged lower to 1.1361 against the greenback, from a high of 1.1376 seen at 8:15 am ET. The next possible support for the euro is seen around the 1.12 level.

The European currency slipped to a 2-day low of 122.28 against the yen, from yesterday's closing value of 122.54. The euro is seen finding support around the 120.00 region.

The euro that ended Thursday's deals at 1.1103 against the franc dropped to a 2-day low of 1.1083. On the downside, 1.09 is possibly seen as the next support level for the euro.

The euro declined to a weekly low of 1.4880 against the loonie, compared to 1.4886 hit late New York Thursday. Further downtrend may take the currency to a support around the 1.46 region.

The common currency drifted lower to more than a 2-week low of 1.6204 against the aussie, after rising to 1.6242 at 9:45 pm ET. If the euro slides further, it may find support around the 1.60 level.

The euro slipped to 1.6948 against the kiwi, its lowest since June 6. At Thursday's close, the pair was worth 1.6969. Continuation of the euro's downtrend may see it challenging support around the 1.27 mark.

On the flip side, the euro traded in a narrow range against the franc, with the pair moving between 0.8973 and 0.8976.

Looking ahead, U.K. GDP data for the first quarter and Eurozone flash consumer inflation for June are due in the European session.

In the New York session, Canada GDP data for April and industrial product price index for May, U.S. personal income and spending data for the same month and University of Michigan's final consumer sentiment index for June will be featured.

For comments and feedback: contact editorial@rttnews.com

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