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Forex News: Euro Lower As ECB Warns Of Currency's Appreciation

Euro Lower As ECB Warns Of Currency's Appreciation

09/03/2020 - 03:49:00 (RTTNews)

(RTTNews) - The euro declined against its major counterparts in the Asian session on Thursday, following a media report that the European Central Bank is concerned about the strength of the currency.

The Financial Times reported that the ECB is worried about the euro's rise, which threatens the bloc's economic recovery.

The report came after remarks from ECB chief economist Philip Lane on the exchange rate level that sparked a reversal of some of the euro's recent strength on Wednesday.

Lane said that the euro-dollar rate "does matter" for monetary policy, hinting that policymakers are uncomfortable with the currency's strength.

The ECB will meet next week, with investors expecting further action to boost the economy.

Investors await U.S. weekly jobless claims and jobs report for more direction.

The euro depreciated to 1-1/2-month lows of 1.5429 versus the loonie, 1.6138 versus the aussie and 1.7470 versus the kiwi, after rising to 1.5470, 1.6181 and 1.7523, respectively in early deals. The next likely support for the euro is seen around 1.52 versus the loonie, 1.57 versus the aussie and 1.72 versus the kiwi.

The European currency slid to 0.8866 versus the pound, its lowest level since June 9. If the euro drops further, 0.86 is possibly seen as its next support level.

The single currency fell to a 3-day low of 1.0771 against the franc from Wednesday's closing value of 1.0795. Versus the yen, it recorded a 6-day low of 125.29. Next key support for the euro is likely seen around 1.05 against the franc and 121.00 versus the yen.

The euro fell below the key 1.18 level against the U.S. currency, touching a 1-week low of 1.1789. The euro is likely to find support around the 1.15 region.

Looking ahead, PMI reports from major European economies and Eurozone retail sales for July are due in the European session.

U.S. and Canadian trade data for July, U.S. weekly jobless claims for the week ended August 29 and ISM non-manufacturing composite index for August will be out in the New York session.

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