Euro Lower As Eurogroup Meeting Disappoints
08 Abril 2020 - 03:03AM
RTTF2
The euro depreciated against its major counterparts in the
European session on Wednesday, as Eurozone finance ministers failed
to resolve impasse and agree on a package of measures to cushion
the economic fallout from the coronavirus outbreak.
Ministers were deadlocked on the issue of coronabonds - jointly
issued bonds as part of the crisis response.
While Italy, Spain, France and some other EU states favour
common debt issuance, the Netherlands has rejected this idea.
The finance ministers will resume negotiations on Thursday.
European stocks fell after Spain's daily toll of coronavirus
deaths rose for the first time in five days and the death toll
surpassed 10,000 in France.
The German economy will shrink by nearly 10 percent in the
second quarter as the coronavirus paralyses the country, six
leading research institutes warned today.
The euro fell to a 2-day low of 1.0551 against the franc, from a
high of 1.0568 set at 1:45 am ET. If the euro declines further,
1.02 is likely seen as its next support level.
The euro slipped to 1.0830 against the greenback, after touching
as high as 1.0902 at 7:30 pm ET. On the downside, 1.06 is likely
seen as its next support level.
The currency moved down to a 2-day low of 0.8791 against the
pound, from yesterday's closing value of 0.8828. The euro is poised
to find support around the 0.86 level.
The euro retreated to 1.7569 against the aussie, 1.5212 against
the loonie and 1.8166 against the kiwi, off its early highs of
1.7758 and 1.5275 and a 2-day high of 1.8302, respectively. The
euro is seen challenging suport around 1.61 against the aussie,
1.49 against the loonie and 1.72 against the kiwi.
The euro declined to 117.92 against the yen and held steady
thereafter. The pair had ended Tuesday's trading at 118.41.
Looking ahead, at 8:15 am ET, Canada housing starts for March
are due.
At 8:30 am ET, Canada building permits for February will be
released.
The Fed minutes from the March meeting are set for release in
the New York session.
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