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Forex News: Euro Lower As European Shares Fall, Eurozone Business

Euro Lower As European Shares Fall, Eurozone Business Activity Contracts Further

09/23/2022 - 06:48:00 (RTTNews)

(RTTNews) - The euro weakened against its most major counterparts in the European session on Friday, as European shares dropped and the euro area business activity contracted for a third consecutive month in September.

Flash survey results from S&P Global showed that the flash composite output index fell to a 20-month low of 48.2 in September from 48.9 in August. The reading matched expectations.

The services PMI declined to a 19-month low of 48.9 from 49.8 in the previous month. The expected reading was 49.

The manufacturing PMI slid to a 27-month low of 48.5 in September from 49.6 in August. Economists had forecast a 48.7 percent fall.

Risk sentiment deteriorated amid concerns about aggressive monetary policy tightening and global economic outlook.

Several central banks around the world followed the Fed's suit in hiking interest rates, sparking worries about global growth.

The euro touched 0.9736 against the greenback, its lowest level since October 2002. The euro may face support around the 0.94 level, if it falls again.

The euro edged down to 138.90 against the yen and 0.9558 against the franc, from its early highs of 140.26 and 0.9622, respectively. The next possible downside target for the euro is seen around 133.00 against the yen and 0.946 against the franc.

The euro was down against the loonie, at a 2-day low of 1.3191. On the downside, 1.30 is likely seen as its next support level.

In contrast, the euro recovered to 1.4855 against the aussie and 1.6871 against the kiwi, after dropping to 2-day lows of 1.4784 and 1.6780, respectively earlier in the session. The euro is likely to find resistance around 1.50 against the aussie and 1.70 against the kiwi.

The euro jumped to 0.8792 against the pound, hitting a 1-1/2-year high. On the upside, 0.89 is likely seen as its next resistance level. Looking ahead, Canada retail sales for July will be featured in the New York session.

At 2 pm ET, Federal Reserve Chair Jerome Powell is scheduled to deliver the opening remarks at the Fed Listens event in Washington D.C.

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