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Forex News: Euro Slides As German Industrial Orders Decline Unexpectedly

Euro Slides As German Industrial Orders Decline Unexpectedly

05/07/2018 - 07:10:00 (RTTNews)

(RTTNews) - The euro dropped against its most major counterparts in the European session on Monday, as an unexpected decline in German factory orders supported hopes that the European Central Bank may delay the unwinding of its extraordinary stimulus measures.

Figures from Destatis showed that Germany's factory orders declined unexpectedly in March. Factory orders dropped 0.9 percent month-on-month in March, bigger than the revised 0.2 percent decrease in February.

Orders were expected to climb 0.5 percent.

German bund yields fell, with the yield on 10-year note dropping 0.53 percent in European trading.

Adding to caution, survey data from think tank Sentix showed that Eurozone investor confidence weakened for the fourth straight month in May.

The investor sentiment index fell unexpectedly to 19.2 in May from 19.6 in April. The score was forecast to rise to 22.4.

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

The euro weakened to a 4-day low of 0.8801 against the pound, from a high of 0.8841 hit at 5:00 pm ET. The euro is seen finding support around the 0.86 level.

The 19-nation currency reversed from an early high of 1.1978 against the greenback, falling to 1.1922. The euro is likely to find support around the 1.17 mark.

The single currency eased back to 130.21 against the yen, after rising to 130.59 at 7:15 pm ET. The next possible support for the euro is seen around the 129.00 area.

The euro edged down to 1.5848 against the aussie and 1.5338 against the loonie, from its early highs of 1.5916 and 1.5392, respectively. The euro is poised to challenge support around 1.56 against the aussie and 1.52 against the loonie.

The euro slid to more than a 2-week low of 1.6999 against the kiwi, and held steady thereafter. On the downside, 1.68 is likely seen as the next support for the euro.

On the flip side, the common currency climbed to a weekly high of 1.1979 against the Swiss franc, reversing from an early low of 1.1948. If the euro continues its rise, 1.21 is possibly seen as its next resistance level.

Data from the Federal Statistical Office showed that Switzerland's consumer price inflation remained stable in April.

Consumer prices climbed 0.8 percent year-on-year in April, the same rate of increase as seen in March. Prices were expected to gain 0.9 percent.

Looking ahead, at 8:25 am ET, Atlanta Fed President Raphael Bostic will give opening remarks at the Federal Reserve Bank of Atlanta's 23rd Annual Financial Markets Conference in Florida.

Richmond Fed President Thomas Barkin will deliver a speech at George Mason University in Virginia at 2:00 pm ET.

U.S. consumer credit for March is scheduled for release in the New York session.

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