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Forex News: Euro Falls On Growth Worries

Euro Falls On Growth Worries

08/20/2020 - 07:09:00 (RTTNews)

(RTTNews) - The euro depreciated against its major counterparts in European deals on Thursday amid risk aversion, as minutes from the Federal Reserve's latest meeting indicated considerable concern about the outlook for the U.S. economy.

Worries about a resurgence of coronavirus infection in Europe also weighed, as Germany recorded more than 1.000 new cases for a third day and Spain reported its highest number of daily infections since April.

Norway said on Wednesday it will impose a 10-day quarantine on all people arriving from Britain, Austria, Greece and Ireland from Aug. 22.

The European Central Bank will publish the account of the monetary policy meeting held on July 15-16 at 7:30 am ET. The central bank has committed to stabilize the economy, but it is unlikely to make any increases in its current programmes.

Data from Eurostat showed that Eurozone's construction output growth sharply slowed in June, after a strong recovery in May following three months of steep declines.

Construction output rose 4 percent from May, when it surged 29.4 percent, revised from 27.9 percent.

The euro pulled back from its previous highs of 1.1869 against the greenback and 125.78 against the yen, falling to a 6-day low of 1.1812 and an 8-day low of 125.25, respectively. The euro is seen finding support around 1.15 against the greenback and 122.00 against the yen.

The European currency edged lower to 1.0783 against the franc and 0.9026 against the pound, down from its prior high of 1.0842 and a 3-day high of 0.9069, respectively. On the downside, 1.06 and 0.88 are possibly seen as the next support levels for the euro against the franc and the pound, respectively.

After rising to 1.5679 at 3:30 am ET, the euro eased off to 1.5631 against the loonie. If the euro slides further, it may find support around the 1.54 level.

The euro, however, trended higher against the kiwi and the aussie, reaching a 2-day high of 1.8130 and a 6-day high of 1.6530, respectively. The euro is likely test resistance near 1.84 against the kiwi and 1.68 versus the aussie.

Looking ahead, at 7:30 am ET, the European Central Bank releases the account of the monetary policy meeting of the Governing Council held on July 15-16.

The U.S. weekly jobless claims for the week ended August 15 and leading index for July are set for release in the New York session.

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