Euro Eases Amid Risk Aversion
17 Agosto 2018 - 03:03AM
RTTF2
The euro retreated from its early highs against its key
counterparts in the European session on Friday, as investors became
concerned about renewed weakness in the lira and the fate of
upcoming U.S.-China trade talks.
The United States has warned of more sanctions against Turkey,
triggering a sell-off in Lira.
In a message on Twitter, the U.S. President Donald Trump said
that Turkey had "taken advantage of the United States for many
years" and that he was "cutting back on Turkey".
Meanwhile, the Wall Street Journal reported that the trade talks
in Washington would take place on Aug. 21 and 22, just before the
next round of levies targeting $16 billion worth of goods on both
sides kick in on Aug. 23.
In economic releases, data from the European Central Bank showed
that the euro area current account surplus remained unchanged in
June.
The current account surplus totaled a seasonally adjusted EUR 24
billion in June, the same as seen in May.
Meanwhile, final data from Eurostat showed that Eurozone
inflation accelerated for a third straight month in July, as
initially estimated, to its highest level since late 2012.
The harmonized index of consumer prices rose 2.1 percent
year-on-year in July, after climbing 2 percent in June. The rate
came in line with the estimate published on July 31.
The latest inflation figure was the highest since December
2012.
The currency traded mixed against its major opponents in the
Asian session. While it rose against the greenback and the franc,
it held steady against the yen and the pound.
The euro eased to 1.1374 against the greenback, from a 3-day
high of 1.1419 hit at 3:00 am ET. The next possible support for the
euro is seen around the 1.11 level.
The single currency edged down to 125.67 against the yen, after
rising to 126.43 at 3:00 am ET. The euro is poised to find support
around the 124.00 area.
The 19-nation currency retreated to 1.1332 against the franc and
0.8953 against the pound, off its early weekly highs of 1.1367 and
0.8971, respectively. If the euro drops further, 1.12 and 0.88 are
possibly seen as its next support levels against the franc and the
pound, respectively.
The 19-nation currency reversed from its early high of 1.7285
against the kiwi and weakened to 1.7239. Next key support for the
euro is seen around the 1.70 region.
Data from Statistics New Zealand showed that New Zealand's
producer price outputs rose 0.9 percent on quarter in the second
quarter of 2018.
That follows the 0.2 percent increase in the three months
prior.
Looking ahead, Canada CPI for July and University of Michigan's
preliminary consumer sentiment index for August are scheduled for
release in the New York session.
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