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Forex News: Euro Weakens Against Majors

Euro Weakens Against Majors

03/23/2017 - 07:13:00 (RTTNews)

(RTTNews) - The euro declined against its major counterparts in the European session on Thursday, as investors became cautious ahead of the upcoming healthcare vote in the U.S. House of Representatives, which is a major test of the President's legislative ability to deliver his pro-growth plans.

The latest reports suggest that House Republicans may not have the votes to pass their healthcare plan. The Republican plan faces an even tougher uphill climb in the Senate, raising concerns about what the GOP can accomplish even with a unified government.

If the healthcare bill fails, it could imperil Trump's other policies such as tax reform and increased infrastructure spending.

Investors also await speeches from Federal Reserve Chair Janet Yellen and Minneapolis Fed President Neel Kashkari for more clues on the outlook for U.S. monetary policy.

Survey data from the market research group GfK showed that Germany's consumer sentiment index is set to weaken in April.

The forward-looking consumer confidence index dropped to 9.8 in April from 10.0 in March. The indicator was forecast to remain unchanged at 10.0.

The euro held steady against its major rivals in the Asian session.

The euro slipped a 2-day low of 1.0768 against the greenback, off its early high of 1.0805.The next possible support for the euro may be seen around the 1.06 region.

The 19-nation currency slid to 119.46 against the yen, its weakest since March 1.If the euro-yen pair extends weakness, 118.00 is likely seen as its next support level.

The single currency fell to near a 3-week low of 0.8605 against the pound, from a high of 0.8654 hit at 6:30 pm ET. On the downside, the euro-pound pair may find support around the 0.84 region.

Data from the Office for National Statistics showed that UK retail sales increased for the first time in four months in February.

The retail sales volume grew 1.4 percent month-on-month in February, reversing a 0.5 percent fall in January and bigger than the 0.4 percent expected increase.

Following an advance to 1.0722 against the franc at 3:45 am ET, the euro edged down to 1.0697. Continuation of the euro's downtrend may see it challenging support around the 1.06 mark.

Reversing from an early high of 1.4403 against the loonie, the euro dropped to a 2-day low of 1.4358. The euro is poised to target support around the 1.42 area.

Looking ahead, U.S. weekly jobless claims for the week ended March 18, U.S. new home sales data for February and Eurozone consumer confidence index for March are slated for release in the New York session.

At 8:45 am ET, Federal Reserve Chair Janet Yellen will deliver opening remarks at the Federal Reserve System Community Development Research Conference, in Washington DC.

At 12:30 pm ET, Federal Reserve Bank of Minneapolis President Neel Kashkari is expected to speak about the US education outcomes and achievement gaps at the Federal Reserve System Community Development Research Conference, in Washington DC.

At 1:00 pm ET, Swiss National Bank Governing Board Member Andrea Maechler will deliver a speech titled "The SNB Investment Policy and its Peculiarities" at the Money Market Event, in Zurich.

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