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Forex News: Euro Trades Lower Amid Italian Political Crisis

Euro Trades Lower Amid Italian Political Crisis

08/20/2019 - 09:02:00 (RTTNews)

(RTTNews) - The euro traded lower against its key counterparts in the European session on Tuesday, as investors awaited the fate of coalition government in Italy amid political turmoil triggered by League's decision to pull out its support earlier this month.

Italy Prime Minister Giuseppe Conte is set to address Parliament shortly.

Luigi Di Maio, head of the ruling 5-Star Movement, suggested an imminent end of coalition government, thanking Conte that it was a privilege to work with him.

The League had called for a vote of no confidence in the government, but the PM can avoid that if he tenders resignation to the President.

Italian government has been on the brink of crisis after Matteo Salvini suddenly withdrawn his League party's support to the government to trigger early elections.

Data from Eurostat showed that Eurozone construction output remained unchanged in June after easing for three straight months.

Production was flat after decreasing 0.5 percent in May and 1.5 percent in April. Building output gained 0.3 percent, while civil engineering fell 0.5 percent.

The euro declined to a 4-day low of 1.1071 against the greenback from Monday's closing value of 1.1078. The euro is seen finding support around the 1.09 level.

The euro that ended Monday's trading at 118.12 against the yen depreciated to a 4-day low of 117.77. The euro is likely to challenge support around the 114.00 level.

The single currency edged lower to 1.0845 versus the franc, from a high of 1.0881 seen at 9:30 pm ET. If the euro extends drop, 1.06 is possibly seen as its support level.

Data from the Federal Customs Administration showed that Switzerland's exports dropped in July.

Exports dropped by real 1.8 percent on month in July, after a 2.5 percent rise in June. At the same time, imports dropped 0.5 percent following a 1.3 percent decline in June.

On the flip side, the euro appreciated to a 4-day high of 0.9184 against the pound from yesterday's closing value of 0.9135. The next possible resistance for the euro is seen around the 0.93 level.

The Industrial Trends Survey from the Confederation of British Industry showed that UK manufacturing orders decreased at a slower pace in August.

The order book balance rose to -13 percent in August from -34 percent in July. Likewise, the export order book balance improved to -15 percent from -32 percent.

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