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Forex News: Euro Weakens As Report Show ECB Policymakers Concerned

Euro Weakens As Report Show ECB Policymakers Concerned Over Currency

08/31/2017 - 09:33:00 (RTTNews)

(RTTNews) - The euro dropped against its major opponents in the European session on Thursday, as a media report showed that the excessive gains of the single currency are posing concerns to a growing number of ECB policymakers.

News agency Reuters reported that sharp gains of the European currency may trigger concern among the ECB officials, thereby raising the possibility of reducing asset purchases more slowly.

With the ECB meeting due next week, the report dashed hopes for any hints of tapering the asset-purchase scheme, which expires at the end of 2017.

The currency was higher early in the session, buoyed by stronger-than-expected inflation readings in Eurozone for August.

Flash data from Eurostat showed that inflation accelerated to 1.5 percent in August from 1.3 percent in July. This was the highest since April and above the expected rate of 1.4 percent.

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

The euro weakened to a 6-day low of 1.1823 against the greenback, off its early high of 1.1906.If the euro-greenback pair extends fall, 1.17 is likely seen as its next support level.

The single currency dropped to a 2-day low of 130.80 against the yen, from a high of 131.58 hit at 5:00 am ET. Continuation of the euro's downtrend may see it challenging support around the 129.00 mark.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts declined more than expected in July.

Housing starts decreased 2.3 percent year-on-year in July, in contrast to a 1.7 percent rise in June. This was also bigger than the expected drop of 0.2 percent.

Having advanced to more than a 2-week high of 1.1472 against the Swiss franc at 5:45 am ET, the euro eased to 1.1435.The euro is likely to find support around the 1.13 region.

The euro retreated to 1.5000 against the aussie and 1.6565 against the kiwi, off its early high of 1.5088 and more than a 1-year high of 1.6639, respectively. The next possible support for the euro is seen around 1.46 against the aussie and 1.63 against the kiwi.

The 19-nation currency fell to a 3-day low of 1.4869 against the loonie, after having advanced to a 2-day high of 1.5051 at 3:00 am ET. On the downside, 1.46 is possibly seen as the next support level for the euro.

The euro eased back to 0.9196 against the pound, from a high of 0.9237 hit at 5:30 am ET. This may be compared to an 8-day low of 0.9186 set at 1:00 am ET. The euro is poised to target 0.90 as the next support level.

U.S. pending home sales data for July is set for release shortly.

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