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Forex News: Euro Falls Amid Global Growth Concerns

Euro Falls Amid Global Growth Concerns

05/19/2022 - 10:25:00 (RTTNews)

(RTTNews) - The euro declined against its most major rivals in the European session on Thursday, as European stocks fell on growing concerns that high inflation and tighter monetary policy could hurt global growth.

The Fed's resolve to raise rates sharply to control high inflation is fueling concerns about stagflation.

Earnings reports from retailers showed that high inflation were denting corporate profits, with Target reporting bleak first-quarter results due to higher fuel and freight costs.

On Wednesday, European Commission President Ursula von der Leyen announced a ?300 billion plan to ditch the reliance on Russian fossil fuels by 2030.

Members widely expressed concerns over the high inflation numbers, which had become a major issue for households and businesses, the minutes from the European Central Bank's April 13-14 showed.

Policymakers judged that the forward guidance conditions for an upward adjustment of the key ECB interest rates would become crucial for the policy discussion at the Governing Council's June meeting.

The euro edged down to 0.8457 against the pound, from a 3-day high of 0.8495 hit at 9:45 pm ET. On the downside, 0.82 is possibly seen as its next support level.

The euro touched a 3-day low of 133.92 against the yen and more than a 2-week low of 1.0229 against the franc, down from its prior highs of 135.46 and 1.0360, respectively. The next likely support for the euro is seen around 130.00 against the yen and 1.00 against the franc.

Reversing from a 3-day high of 1.6668 set at 8:45 pm ET, the euro fell to a 2-day low of 1.6496 against the kiwi. The euro is seen finding support around the 1.63 region.

The euro fell back to 1.4967 against the aussie, heading to pierce a 2-day low of 1.4957 seen around 12:10 am ET. This followed a 3-day high of 1.5077 it recorded in the Asian session. Next key support for the euro is seen around the 1.45 region.

In contrast, the euro recovered to 1.0561 against the greenback, after dropping to 1.0461 at 5 pm ET. Against the loonie, it touched a 2-day high of 1.3534. If the euro rises further, it may find resistance around 1.08 against the greenback and 1.38 against the loonie.

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