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Forex News: Euro Declines Amid Lockdown Concerns In Europe

Euro Declines Amid Lockdown Concerns In Europe

11/19/2021 - 06:57:00 (RTTNews)

(RTTNews) - The euro came under pressure in the European session on Friday, as risk sentiment dampened after Austria announced a full lockdown and German Health Minister Jens Spahn refused to rule out the possibility of imposing a new lockdown in the nation amid a resurgence in virus cases.

Austrian Chancellor Alexander Schallenberg said that the country will move into a fourth national lockdown on Monday and will make Covid-19 vaccinations mandatory from February next year.

As per lockdown rules, the people will be permitted to leave their houses only for seeking medical care, essential shopping and exercise.

Germany's pandemic situation has deteriorated over the past week and a lockdown "can't be ruled out," Spahn said.

Chancellor Angela Merkel said on Thursday that the country will introduce strict COVID-19 restrictions on unvaccinated citizens to curb a surge in coronavirus cases.

The European Central Bank must not rush into a premature tightening when faced with passing or supply-driven inflation shocks, President Christine Lagarde said.

At the 31st Frankfurt European Banking Congress 2021, she said tightening policy prematurely would only make the squeeze on household incomes worse.

In economic news, data from Destatis showed that German producer prices rose at the fastest pace since 1951.

Producer prices increased 18.4 percent year-on-year in October, following a 14.2 percent rise in September. Prices were expected to gain 16.2 percent.

The euro depreciated to a 2-day low of 1.1283 against the greenback, 1-1/2-month low of 128.49 against the yen and more than a 6-year low of 1.0448 against the franc, pulling away from its early high of 1.1373, 2-day highs of 129.99 and 1.0529, respectively. The euro is seen finding support around 1.10 against the greenback, 125.00 against the yen and 1.03 against the franc.

The euro retreated from its prior highs of 1.4332 against the loonie and 1.5632 against the aussie, edging lower to 1.4261 and 1.5561, respectively. The next possible support for the euro is seen around 1.40 against the loonie and 1.50 against the aussie.

The euro ticked down to 1.6106 against the kiwi at 4:30 am ET, but it has since recovered to 1.6141. At yesterday's trading close, the pair was quoted at 1.6128.

The euro reached as low as 0.8400 against the pound at 3:20 am ET before bouncing off to 0.8426. On the upside, 0.86 is likely seen as its next resistance level.

Looking ahead, Canada retail sales for September and new housing price index for October are scheduled for release in the New York session.

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