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Forex News: Euro Falls On Virus Fears

Euro Falls On Virus Fears

03/05/2020 - 06:15:00 (RTTNews)

(RTTNews) - The euro drifted lower against its most major counterparts during European trading on Thursday, as virus worries intensified after global infections topped 95,500 and the death toll rose to 3,285.

The Italian government has ordered to close all schools and universities until March 15 to contain the spread of the virus.

Switzerland reported its first death, while the number of cases in Germany rose by 87 to 349.

California declared a state of emergency after a coronavirus-related death in the state, where there are at least 53 confirmed cases.

China's deaths from the new COVID-19 illness have surpassed 3,000 though new cases have fallen steadily.

China and Japan agreed to postpone President Xi Jinping's visit, expected in April, because of coronavirus worries.

Australia has banned travel from South Korea and said it would more thoroughly screen travelers from Italy.

South Korea reported 760 new cases and 3 additional deaths, bringing the nationwide total number of infections to 6,088.

The euro declined to a 3-day low of 0.8621 against the pound, compared to Wednesday's closing value of 0.8647. The euro is seen finding support around the 0.84 area.

Data from the Society of Motor Manufacturers and Traders showed that UK new car market contracted in February as demand from private buyers weakened again.

Car registrations declined 2.9 percent on a yearly basis to 79,594 units in February.

The euro edged down to 1.0635 against the franc, after rising to 1.0658 at 6:45 pm ET. The euro is likely to challenge support around the 1.04 mark.

The euro was lower against the yen at 119.19. If the euro falls further, 117.00 is possibly seen as its next support level.

The single currency slipped to a 6-day low of 1.7635 against the kiwi from yesterday's closing quote of 1.7679. Further downside, the support is possibly located near the 1.74 level.

In contrast, the euro gained to 1.1177 against the greenback and 1.6861 against the aussie, from early lows of 1.1120 and 1.6779, respectively. The euro is poised to challenge resistance around 1.13 against the greenback and 1.70 against the aussie.

The euro climbed to 1.4985 against the loonie for the first time since August 2019. The next possible resistance for the euro is seen around the 1.51 area.

Looking ahead, U.S. weekly jobless claims for the week ended February 29 and durable goods orders for January are scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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