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Forex News: Euro Falls As European Shares Drop

Euro Falls As European Shares Drop

01/11/2021 - 07:56:00 (RTTNews)

(RTTNews) - The euro weakened against its major counterparts in the European session on Monday, amid risk aversion as rising coronavirus cases dampened economic growth prospects.

The COVID-19 infections continue to rise across the globe, with cases exceeding 90 million, data from John Hopkins University showed on Sunday.

The surge puts pressure on the governments to ramp their vaccination campaigns and extend or renew lockdowns to contain the outbreak.

In Washington, House Speaker Nancy Pelosi said that she will table a resolution in the chamber urging the removal of President Trump from the office under the 25th Amendment of the Constitution.

If Pence doesn't invoke the 25th Amendment, Democrats are considering to introduce the Article of Impeachment to oust Trump.

Survey data from Sentix showed that Eurozone investor confidence rose to a positive level in January for the first time since early 2020 as investors became more confident about vaccination strategy, ignoring the current lockdowns.

The investor sentiment index rose to 1.3 in January from -2.7 in December. This was the first positive score since February 2020 and was above economists' forecast of 0.7.

The euro fell to a 5-day low of 126.56 versus the yen and near a 3-week low of 1.2155 versus the greenback, compared to Friday's closing values of 127.04 and 1.2219, respectively. If the euro continues its fall, 123.5 and 1.20 are possibly seen as its next support levels against the yen and the greenback, respectively.

The euro eased to 0.9008 versus the pound, after rising to 0.9037 at 3:15 am ET. On the downside, 0.88 is possibly seen as the next support level.

The euro retreated to 1.5519 against the loonie, 1.6871 against the kiwi and 1.5749 against the aussie, off its early high of 1.5562 and 4-day highs of 1.6956 and 1.5832, respectively. The euro is likely to find support around 1.54 against the loonie, 1.66 against the kiwi and 1.54 against the aussie.

The euro, meanwhile, rose to 1.0836 against the franc, compared to 1.0815 hit late New York Friday. The next possible resistance for the currency is seen around the 1.10 level.

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