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Forex News: Euro Drops On US-China Tensions

Euro Drops On US-China Tensions

05/04/2020 - 08:17:00 (RTTNews)

(RTTNews) - The euro drifted lower against its most major counterparts in the European session on Monday on heightened US-China tensions after U.S. Secretary of State Mike Pompeo said on Sunday there was "a significant amount of evidence" that the new coronavirus originated in China.

China's Global Times said in an editorial that Pompeo was "bluffing" and called on the United States to present its evidence.

Final survey results from IHS Markit showed that the euro area manufacturing sector contracted at a record pace in April as government restrictions to limit the spread of the global coronavirus, or covid-19, pandemic weighed on activity.

The final Purchasing Managers' Index fell to 33.4 from 44.5 in March. The score was also below the flash estimate of 33.6.

The euro fell to a 1-week low of 1.0534 against the franc, from Friday's closing value of 1.0548. Next key support for the euro is seen around the 1.02 region. The euro depreciated to a 4-day low of 1.0924 against the greenback, after rising to 1.0974 at 6:00 pm ET. The euro is likely to find support around the 1.08 level.

Having rallied to 117.37 at 5:30 pm ET, the euro turned lower against the yen, trading at a 4-day low of 116.61. The euro is seen finding support around the 114.00 level.

The single currency ticked down to 1.5414 against the loonie, from a high of 1.5494 seen at 8:00 pm ET. On the downside, 1.51 is likely seen as the next support for the euro.

The euro pulled back to 1.7022 against the aussie and 1.8041 against the kiwi, reversing from near 2-week peaks of 1.7196 and 1.8227, respectively touched in the Asian session. The next possible support for the euro is seen around 1.65 against the aussie and 1.72 against the kiwi. In contrast, the euro rallied to 0.8811 against the pound, its highest level since April 22. If the euro rises further, 0.89 is possibly seen as its next resistance level.

Looking ahead, U.S. factory orders data for March is set for release in the New York session.

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