Euro Falls Amid Risk Aversion On Trump's Comments
August 11 2017 - 12:33AM
RTTF2
The euro declined against its major counterparts in the early
European session on Friday, as European shares declined after U.S.
President Donald Trump further ratcheted up the rhetoric over North
Korea, suggesting that his "fire and fury" comments may not have
been tough enough.
The president said "things will happen to them they never
thought possible" should Pyongyang attack the United States or its
allies.
While cautioning Kim's regime against taking any steps to attack
Guam, Trump vowed that the U.S. would respond with "fire and fury"
to any strike against the U.S. or its allies.
The euro traded mixed in the Asian session. While the euro held
steady against the greenback and the pound, it fell against the yen
and the Swiss franc.
The euro dropped to 128.07 against the Japanese yen, its lowest
since July 6. Continuation of the euro's downtrend may see it
challenging support around the 126.00 region.
The single currency fell to a 2-day low of 1.1273 against the
Swiss franc, from a high of 1.1332 hit at 5:00 pm ET. The next
possible support for the euro-franc pair is seen around the 1.10
mark.
The European currency edged down to 0.9051 against the pound and
held steady thereafter. The pair finished yesterday's trading at
0.9072.
The euro pared gains to 1.1750 against the greenback, from a
high of 1.1779 hit at 1:00 am ET. On the downside, 1.16 is likely
seen as the next support for the euro.
The euro retreated to 1.4955 against the loonie, 1.6116 against
the kiwi and 1.4942 against the aussie, from its early high of
1.5008, near 3-month high of 1.6228 and more than 4-week high of
1.5011, respectively. If the euro extends decline, it may target
support around 1.48 against the loonie, 1.58 against the kiwi and
1.46 against the aussie.
Looking ahead, U.S. CPI for July and U.S. Baker Hughes rig count
data are due to be released in the New York session.
At 9:40 am ET, Federal Reserve Bank of Dallas President Robert
Kaplan is expected to speak about economic conditions and monetary
policy at an annual continuing education event for accounting
professionals, in Arlington.
At 11:30 am ET, Federal Reserve Bank of Minneapolis President
Neel Kashkari is expected to speak at the Independent Community
Bankers of Minnesota Annual Convention.
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