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Forex News: Euro Weakens On U.S. Election Uncertainty

Euro Weakens On U.S. Election Uncertainty

09/30/2020 - 07:38:00 (RTTNews)

(RTTNews) - The euro slipped against its major opponents in the European session on Wednesday, as the first debate between President Donald Trump and Democratic nominee Joe Biden sparked concern about the U.S. election outcome.

Both candidates clashed over Trump's handling of the coronavirus pandemic, the economy and the integrity of the upcoming election in the debate held at Case Western Reserve University in Cleveland.

The safe-haven dollar strengthened following the chaotic presidential debate, weighing on the euro.

Anxiety over rising coronavirus cases also undermined, with Germany outlining new measures in a bid to contain the spread of the virus over autumn and winter.

On the data front, German unemployment declined for a third month in September while retail sales rose much more than expected in August, separate reports showed.

The euro dropped to 123.58 against the yen, after rising to 124.25 in the previous session, which was its highest since September 18. The euro is likely to find support around the 127.5 level.

Data from the ministry of Economy, Trade and Industry showed that Japan retail sales rose 4.6 percent on month in August - coming in at 12.419 trillion yen.

That beat expectations for an increase of 1.0 percent following the downwardly revised 3.4 percent drop in July.

Having hit an 8-day high of 1.1755 at 10:30 pm ET, the euro pulled back to 1.1694 against the greenback. The euro is seen finding support around the 1.14 level.

The single currency pared gains to 1.0793 against the franc, from a high of 1.0817 seen at 2:45 am ET. The euro is poised to face support around the 1.06 area.

The euro eased off to 0.9113 against the pound, reversing from a 5-day high of 0.9157 hit at 4:00 am ET. On the downside, 0.90 is possibly seen as its next support level.

Data from the Office for National Statistics showed that the UK economy contracted at a record pace in the second quarter though the decline was less severe than previously estimated.

Due to the coronavirus containment measures, gross domestic product fell 19.8 percent sequentially. The rate was revised from a 20.4 percent fall estimated initially.

The European currency retreated to 1.5665 against the loonie, 1.6429 against the aussie and 1.7776 against the kiwi, from its prior session's high of 1.5739, 2-day high of 1.6514 and a 6-day high of 1.7839, respectively. Near term support for the euro is seen around 1.54 against the loonie, 1.62 against the aussie and 1.74 against the kiwi.

Looking ahead, U.S. ADP private payrolls data for September is scheduled for release at 8:15 am ET.

Canada GDP data for July, U.S. GDP data for the second quarter and pending home sales for August will be released in the New York session.

For comments and feedback: contact editorial@rttnews.com

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