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Forex News: Euro Slides Amid Risk Aversion

Euro Slides Amid Risk Aversion

12/21/2018 - 06:52:00 (RTTNews)

(RTTNews) - The euro declined against its major counterparts in the European session on Friday, as concerns over rising borrowing costs in the U.S., political brinkmanship in Washington and fears of a slowing global economy dampened risk sentiment.

U.S.-China trade tensions remain in focus after the U.S Justice Department announced the criminal indictment of two computer hackers associated with the Chinese government.

The threat of a U.S. government shutdown intensified after President Donald Trump told House Republicans he is unwilling to sign a short-term spending bill approved by the Senate Wednesday night due to a lack of funding for his controversial border wall.

Investors await U.S. third quarter GDP data, durable goods orders, personal income and spending, and consumer sentiment due later in the day for more direction.

Data from the market research group GfK showed that Germany's consumer confidence is set to remain steady at the start of next year as households as the divide between expectations on overall economic situation and personal finances widened further.

The forward-looking consumer confidence indicator is set to show a reading of 10.4 in January, unchanged from December. Economists had forecast a score of 10.3 for January.

The euro rose against its major opponents in the Asian session, excepting the franc.

The euro declined to 0.9013 against the pound, from a high of 0.9050 hit at 11:15 pm ET. The euro is seen finding support around the 0.88 level.

The euro reversed from an early high of 1.1474 against the greenback, sliding to 1.1412. The euro is likely to find support around the 1.13 level.

The single currency weakened to 126.88 against the yen, its lowest since October 26. The next possible support for the euro is seen around the 125.00 level.

The single currency pared gains to 1.5430 against the loonie, from a high of 1.5490 hit at 3:15 am ET. If the euro slides further, 1.52 is likely seen as its next support level.

On the flip side, the euro remained higher at near a 2-month high of 1.6155 against the aussie and a 1-1/2-month high of 1.6986 against the kiwi. The euro ended Thursday's deals at 1.6093 against the aussie and 1.6896 against the kiwi.

Although the euro declined to a 2-day low of 1.1291 against the franc, it bounced off to 1.1317 in a short while. On the upside, 1.14 is likely seen as the next resistance level for the euro.

Looking ahead, Canada retail sales and gross domestic product data for October, as well as U.S. GDP data for the third quarter, University of Michigan's final consumer sentiment index for December, durable goods orders and personal income and spending data for November are scheduled for release in the New York session.

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