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Forex News: Euro Falls Amid Risk Aversion

Euro Falls Amid Risk Aversion

03/19/2021 - 08:20:00 (RTTNews)

(RTTNews) - The euro was lower against its major counterparts during European deals on Friday amid risk aversion, as virus cases rose in Europe with France imposing a lockdown on Paris and other regions of the country.

The lockdowns, which will begin from today midnight, will last four weeks. The restrictions will apply to 16 regions, including the Paris area.

Germany's coronavirus cases jumped by 28,489, the most since January 21.

Oil stocks declined as virus worries diminished hopes of a faster economic recovery from the pandemic.

Investors monitored bond yields, which surged overnight on the back of the Federal Reserve's commitment to keep its benchmark overnight interest rate near zero through 2023.

Data from Destatis showed that Germany's producer prices rose for the third straight month in February.

The producer price index increased 1.9 percent year-on-year in February, following a 0.9 percent rise in January.

The euro weakened to a 2-day low of 1.1890 against the greenback and an 8-day low of 129.44 against the yen, from its early highs of 1.1937 and 130.00, respectively. The next possible support for the euro is seen around 1.16 against the greenback and 125.00 against the yen.

The euro dropped to 0.8535 against the pound, after rising to 0.8569 at 9:15 pm ET. The euro is poised to find support around the 0.83 level.

Data from the Office for National Statistics showed that the UK budget deficit hit its highest February level since records began in 1993 due to measures taken to stimulate the economy through the third lockdown.

Public sector net borrowing, excluding public sector banks, increased by GBP 17.6 billion from the previous year to GBP 19.1 billion in February. This was the highest February borrowing since monthly records began in 1993.

The euro reversed from its early high of 1.4902 against the loonie and a 2-day high of 1.5412 against the aussie, edging down to 1.4840 and 1.5330, respectively. If the euro falls further, it may find support around 1.45 against the loonie and 1.49 against the aussie.

The euro remained lower against the franc, with the pair trading at 1.1042. This followed a high of 1.1058 hit at 4:55 am ET. The euro is likely to challenge support around the 1.07 level.

The euro was trading at 1.6603 against the kiwi, down from a 4-day high of 1.6647 hit in the Asian session. On the downside, 1.62 is possibly seen as the next support level for the currency.

Looking ahead, Canada retail sales for January will be published in the New York session.

For comments and feedback: contact editorial@rttnews.com

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