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Forex News: Euro Weakens Amid Italian Budget Worries

Euro Weakens Amid Italian Budget Worries

09/27/2018 - 09:11:00 (RTTNews)

(RTTNews) - The euro slipped against its most major counterparts in the European session on Thursday, following media reports that Italy's budget meeting was likely to be delayed and the Finance Minister Tria is said to have threatened to quit from his budget over disagreements with the ruling parties.

Italy's much awaited budget was likely to be delayed amid conflicts within the political parties over the new budget target. While both the Five Star and League parties are pressing for a budget deficit of 2.4 percent, Tria is holding on to a deficit target of 1.6%.

Tria has reportedly threatened to resign from his post due to the conflict, media reports said.

Survey data from European Commission showed that Eurozone economic confidence weakened further in September.

The economic sentiment index dropped to 110.9 in September from 111.6 in August. The score was forecast to fall to 111.2.

European markets were mixed after the U.S. Federal Reserve raised interest rate by 25 basis points on Wednesday and hinted at one more hike in December and three in the coming year.

The currency has been trading in a negative territory against its major opponents in the Asian session.

The euro weakened to a weekly low of 1.1685 against the greenback, from a high of 1.1757 seen at 8:30 pm ET. If the euro falls further, 1.15 is likely seen as its next support level.

The single currency that closed Wednesday's trading at 132.34 against the yen dropped to a 1-week low of 131.58. The euro is seen finding support around the 130.00 region.

Pulling away from an early high of 0.8937 against the pound, the euro edged down to 0.8902. The euro is poised to find support around the 0.88 mark.

The euro retreated to 1.5257 against the loonie, after rising to a 3-week high of 1.5322 at 10:30 pm ET. On the downside, 1.51 is possibly seen as the next support level for the euro.

The euro eased back to 1.7602 against the kiwi, not far from a 3-day low of 1.7578 set at the beginning of today's trading. The next possible support for the euro is seen around the 1.74 region.

On the flip side, the common currency bounced off to 1.1378 against the franc, from a 3-day low of 1.1312 hit at 1:45 am ET. Next key resistance for the euro is seen around the 1.16 level.

The euro recovered against the aussie also, with the pair trading at 1.6206. This may be compared to a low of 1.6150 touched at 1:15 am ET. The euro is likely to challenge resistance around the 1.64 region.

Looking ahead, U.S. pending home sales for August will be out shortly.

The European Central Bank President Mario Draghi will give speech at the European Systemic Risk Board annual conference in Frankfurt at 9:30 am ET.

At 4:30 pm ET, the Federal Reserve Chair Jerome Powell speaks at Senator Reed's Rhode Island Business Leaders Day in Washington DC.

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