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Forex News: Euro Recovers From German Impasse Sell-off

Euro Recovers From German Impasse Sell-off

11/20/2017 - 08:32:00 (RTTNews)

(RTTNews) - The euro erased its early losses against its major counterparts in the European session on Monday, as the investors brushed off political uncertainty in Germany, where talks to form a coalition government failed after the Free Democratic Party had pulled out of negotiations with Angela Merkel's conservative bloc. Talks between Merkel's conservatives, the liberal Free Democrats (FDP) and Greens collapsed just before Sunday midnight due to differences over refugee and climate policy and other issues.

"It is a day of deep reflection on how to go forward in Germany," Chancellor Angela Merkel told reporters after her efforts to form a three-way coalition government have failed. Merkel will meet President Frank-Walter Steinmeier President Frank-Walter Steinmeier around 2.30 pm local time to formally inform about the collapse of talks.

Data from Destatis showed that Germany's producer price inflation eased in October, in line with expectations.

The producer price index climbed 2.7 percent year-over-year in October, slower than the 3.1 percent rise in September.

The common currency declined against its major rivals in the Asian session after the news of collapse in talks to form a three-way coalition government under the leadership of Angela Merkel.

The euro climbed to 1.1809 against the greenback and 132.47 against the yen, after having fallen to a 6-day low of 1.1722 and more than a 2-month low of 131.17, respectively in the Asian session. Continuation of the euro's uptrend may see it challenging resistance around 1.19 against the greenback and 135.00 against the yen.

The euro advanced to 0.8905 against the pound and 1.1682 against the franc, off its previous weekly lows of 0.8872 and 1.1591, respectively. The euro is seen finding resistance around 0.90 against the pound and 1.18 against the franc. The single currency bounced off to 1.5600 against the aussie, 1.7285 against the kiwi and 1.5078 against the loonie, from its early low of 1.5506, 4-day lows of 1.7160 and 1.4987, respectively. If the euro rises further, it may find resistance around 1.60 against the aussie, 1.74 against the kiwi and 1.52 against the loonie.

The European Central Bank President Mario Draghi testifies on the economy and monetary policy before the European Parliament Economic and Monetary Affairs in Brussels at 9:00 am ET.

U.S. leading index for October is due in the New York session.

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