FOREX TradingCharts.com

Forex News: Euro Weakens On China Virus Worries

Euro Weakens On China Virus Worries

01/27/2020 - 06:00:00 (RTTNews)

(RTTNews) - The euro dropped against its major counterparts in the European session on Monday, as concerns over the spread of a virus outbreak in China and its potential economic impact reduced demand for riskier assets.

Death toll from the outbreak in China rose to 81 while the virus spread to more than 10 countries including Australia, France, the Republic of Korea, Japan and the United States.

China's National Health Commission on Sunday said the new coronavirus is contagious even in its incubation period, which lasts up to 14 days, and that the virus' ability to spread is getting stronger.

Political events also remained on investors radar after Matteo Salvini's attempt to trigger a crisis for Italy's coalition government by seizing control of the leftwing region of Emilia-Romagna failed.

Survey data from the Ifo institute showed that German business confidence weakened in January.

The business climate index dropped unexpectedly to 95.9 in January from 96.3 a month ago. The reading was expected to rise to 97.0.

The euro traded mixed against its major counterparts in the Asian session. While it held steady against the greenback, it rose against the pound and the franc. Against the yen, it fell.

The euro fell to 1.1015 against the greenback, its lowest since December 2. The next possible support for the euro is seen around the 1.09 level.

The euro dropped to a new 2-month low of 119.92 against the yen from Friday's closing value of 120.42. The euro is seen finding support around the 118.00 region.

The euro declined to near a 3-year low of 1.0688 against the franc, compared to Friday's closing quote of 1.0705. On the downside, 1.04 is likely seen as the next support level for the euro.

The single currency edged down to 0.8409 against the pound, after rising to a 4-day high of 0.8449 at 9:30 pm ET. If the euro extends decline, 0.83 is likely seen as its next support level.

In contrast, the euro rose to near a 3-week high of 1.6275 against the aussie, 4-day highs of 1.4541 against the loonie and 1.6808 against the kiwi, off its early lows of 1.6169, 1.4495 and 1.6709, respectively. The euro is likely to target resistance around 1.65 against the aussie, 1.47 against the loonie and 1.70 against the kiwi.

Looking ahead, at 10:00 am ET, U.S. new home sales data for December is scheduled for release.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed Following U.S. Housing Data (01 hr(s), 22 min(s), 24 sec(s) ago)
(RTTNews) - The U.S. Federal Housing Finance Agency's house price index and S&P/Case-Shill ...Full Story»

Dollar Steady Ahead Of U.S. Housing Data (01 hr(s), 28 min(s), 24 sec(s) ago)
(RTTNews) - At 9:00 am ET Tuesday, the U.S. Federal Housing Finance Agency's house price index ...Full Story»

Dollar Weakens On Fed Rate Cut Hopes Amid Coronavirus Concerns (02 hr(s), 46 min(s), 24 sec(s) ago)
(RTTNews) - The U.S. dollar lost ground against its most major counterparts in the European sessio ...Full Story»

NZ Dollar Drops On Rising Risk Aversion (07 hr(s), 46 min(s), 24 sec(s) ago)
(RTTNews) - The NZ dollar drifted lower against its major trading partners in the Asian session on ...Full Story»

Euro Falls After German GDP Data (08 hr(s), 22 min(s), 23 sec(s) ago)
(RTTNews) - At 2.00 am ET Tuesday, Destatis has issued Germany's revised GDP data for the four ...Full Story»

Euro Retreats Vs Most Majors Ahead Of German GDP Data (08 hr(s), 31 min(s), 24 sec(s) ago)
(RTTNews) - At 2.00 am ET Tuesday, Destatis issues Germany's revised GDP data for the fourth q ...Full Story»

Canadian Dollar Falls As Oil Prices Plunge On Heightened Virus Fears (01 hr(s), 58 min(s), 24 sec(s) ago)
(RTTNews) - The Canadian dollar declined against its major trading partners in the European sessio ...Full Story»

Euro Little Changed After German Ifo Business Confidence (06 hr(s), 22 min(s), 24 sec(s) ago)
(RTTNews) - At 4:00 am ET Monday, German Ifo business confidence for February has been released. T ...Full Story»

Search

FOREX NEWS

Dollar Little Changed Following U.S. Housing Data

02/25/2020 - 09:04 AM (RTTNews)
(RTTNews) - The U.S. Federal Housing Finance Agency's house price index and S&P/Case-Shill ...Full Story>>

Dollar Steady Ahead Of U.S. Housing Data

02/25/2020 - 08:57 AM (RTTNews)
(RTTNews) - At 9:00 am ET Tuesday, the U.S. Federal Housing Finance Agency's house price index ...Full Story>>

Dollar Weakens On Fed Rate Cut Hopes Amid Coronavirus Concerns

02/25/2020 - 07:41 AM (RTTNews)
(RTTNews) - The U.S. dollar lost ground against its most major counterparts in the European sessio ...Full Story>>

NZ Dollar Drops On Rising Risk Aversion

02/25/2020 - 02:40 AM (RTTNews)
(RTTNews) - The NZ dollar drifted lower against its major trading partners in the Asian session on ...Full Story>>

Euro Falls After German GDP Data

02/25/2020 - 02:04 AM (RTTNews)
(RTTNews) - At 2.00 am ET Tuesday, Destatis has issued Germany's revised GDP data for the four ...Full Story>>
Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.