Euro Slides To Multi-day Lows Against Most Majors
The European common currency lost ground against its major rivals on Monday morning in Asia. The euro slumped to multi-day lows against most of them.
Traders are looking forward to the seasonally adjusted Italian industrial orders report for April and the German IFO business climate report for June in the upcoming session.
The euro fell to a 5-day low of 0.8444 against the pound around 9:10 pm ET and the pair is presently worth near 0.845. If the euro slips further, support is seen at the 0.843 level. At Friday’s close, the euro-pound pair was quoted at 0.8458.
Latest report from the property website Rightmove showed that the average property asking price in the U.K. eased 0.4% month-over-month in June to 226,436 pounds. Annually, the asking price fell a steeper 5.5%.
Retreating from last week’s winning streak, the euro fell to a 4-day low of 133.19 against the Japanese yen by 9:50 pm ET. The euro-yen pair that closed Friday’s trading at 134.34 is presently quoted at 133.56 and the next downside target for the pair is seen at the 132.3 level.
The yen gained across the board after the Ministry of Economy, Trade and Industry report showed today that Japan’s tertiary industry activity index rose 2.2% month-over-month in April following an upwardly revised 2.8% decline in the previous month. Economists had expected 2.3% growth for the month.
The euro also slipped to a 4-day low of 1.5056 against the Swiss franc around 5:35 pm ET. This may be compared to last week’s close of 1.5079. On the downside, the euro-franc pair may likely target the 1.504 level.
Pulling back from Friday’s weekly high of 1.4013, the euro declined to 1.3887 against the US dollar by 9:25 pm ET. The euro-buck pair that closed last week’s deals at 1.3958 is presently trading at 1.3915.
With little first-tier economic data to consider, attention will likely turn to US Federal Reserve’s interest rate decision on Wednesday. Analysts expect the FOMC will retain its base rate at 0.25 percent.
