Euro Drops Amid Recession Fears
March 27 2020 - 3:08AM
RTTF2
The euro slipped against its major counterparts in the European
session on Friday, as the rapid spread of coronavirus infections
sparked fears of a deep global recession.
Above 83,000 infections have been registered in the U.S.,
surpassing China and Italy, deepening anxiety.
There are now more than half a million cases of coronavirus
reported in 202 countries and territories around the world.
The global death toll stood at 23,293, with more than a third of
them from Italy.
Investors await the release of the University of Michigan's
March consumer confidence index, due at 10:00 am ET.
Survey results from the statistical office Insee showed that
French consumer confidence weakened only slightly in March.
The consumer confidence index fell to 103 in March from 104 in
February. The indicator was forecast to fall sharply to 92.0.
The euro weakened to 0.8962 against the pound, its lowest level
since March 13. The euro may locate support around the 0.88
level.
The euro declined to a 2-day low of 1.0585 against the franc,
after rising to 1.0635 at 4:00 am ET. The euro may locate support
around the 1.03 level.
The euro pulled back to 1.0991 against the greenback, from a
10-day high of 1.1087 seen at 11:45 pm ET. The next possible
support for the euro is seen around the 1.08 level.
The European currency extended decline to a 2-day low of 119.60
against the yen. The euro is seen finding support around the 117.00
level.
Data from the Ministry of Communications and Internal Affairs
showed that overall consumer prices in the Tokyo region of Japan
were up 0.4 percent on year in March.
That exceeded expectations for an increase of 0.3 percent and
was unchanged from the February reading.
Looking ahead, U.S. personal income and spending data for
February and University of Michigan's final consumer sentiment
index for March will be featured in the New York session.
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