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Forex News: Euro Weakens On Coronavirus Fears

Euro Weakens On Coronavirus Fears

01/03/2022 - 07:08:00 (RTTNews)

(RTTNews) - The euro depreciated against its most major counterparts in the European session on Monday, as coronavirus cases continued to rise in the U.S. and Europe, fueling worries over the pace of economic recovery.

Data from Johns Hopkins University showed that the global coronavirus cases has surpassed 290 million, with the U.S. reporting highest cases till date.

The U.K. government has announced that secondary school students in England will be required to wear face masks to curb the spread of the virus.

In France, the government announced that unvaccinated travelers from the U.S. will have to quarantine for 10 days.

A recovery in the dollar driven by higher treasury yields also weighed on the currency.

The upcoming week features key economic releases, including nonfarm payrolls and the Fed minutes that could confirm a Fed rate hike in March.

The euro declined to 1.1335 against the greenback, 130.60 against the yen and 1.0349 against the franc, following its prior highs of 1.1384, 131.01 and 1.0378, respectively. Next key support for the euro is likely seen around 1.12 against the greenback, 128.00 against the yen and 1.02 against the franc.

In contrast, the euro was up at 1.4413 against the loonie. Against the pound, it has rebounded to 0.8407, after falling to 0.8386 at 3:30 am ET. The currency is likely to face resistance near 1.46 against the loonie and 0.86 against the pound.

The euro touched 1.5676 against the aussie, its highest level in a week. Against the kiwi, it jumped to a 6-day high of 1.6650. On the upside, 1.61 and 1.68 are possibly seen as its next resistance levels against the aussie and the kiwi, respectively.

Looking ahead, U.S. construction spending for November will be out in the New York session.

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