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Forex News: Euro Weakens Amid Risk Aversion

Euro Weakens Amid Risk Aversion

11/06/2017 - 06:32:00 (RTTNews)

(RTTNews) - The euro fell against its key counterparts in early European deals on Monday, as European shares fell after disappointing earnings reports and investors monitored U.S. President Donald Trump's tour to Asia under heavy security.

Trump kicked off his 12-day Asian trip on Sunday with a tough rhetoric against North Korea. "No nation should ever underestimate American resolve," Trump said while landing at Yokota airbase near Tokyo. In addition, investors waited for Brexit talks to resume in Brussels on Thursday amid disagreement over what the U.K. must pay as a final exit settlement.

In economic front, final data from IHS Markit showed that the euro area private sector started the final quarter on a strong footing but the pace of expansion slowed since September.

The composite output index fell to 56.0 in October from 56.7 in September. But the reading was slightly above the flash estimate of 55.9 and also the indicator signaled expansion in each of the past 52 months. The currency showed mixed performance in the Asian session. While it held steady against the greenback and the pound, it rose against the yen. Against the franc, it declined. The single currency eased back to 1.1613 against the franc, from a high of 1.1640 hit at 3:15 am ET. This may be compared to a 6-day low of 1.1604 set in Asian trading. The next possible support for the euro-franc pair is seen around the 1.15 region.

The euro weakened to a 4-day low of 0.8841 versus the pound and a 6-day low of 132.26 against the yen, off its early high of 0.8888 and a 4-day high of 133.12, respectively. Continuation of the euro's downtrend may see it challenging support around 0.87 against the pound and 131.00 against the yen.

The 19-nation currency reversed from an early high of 1.5195 against the aussie, edging down to 1.5141. If the euro extends slide, 1.50 is likely seen as its next support level.

The common currency dropped to more than a 2-week low of 1.4786 versus the loonie, from its previous high of 1.4836. Against the greenback, the euro hit 1.1588, its lowest since October 27. The next possible support for the euro is seen around 1.46 against the loonie and 1.15 against the greenback.

Pulling away from an early 4-day high of 1.6890 against the kiwi, the euro fell back to 1.6811. The euro is seen challenging support around the 1.66 area.

Looking ahead, at 10:00 am ET, Canada Ivey PMI for October is set for release.

New York Fed President William Dudley speaks about lessons from the financial crisis at the Economic Club of New York luncheon at 12:10 pm ET.

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