Euro Declines On Greece Jitters
31 März 2015 - 10:41AM
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The euro came under pressure on Tuesday, as Greece struggled to
reach a compromise with its international creditors over economic
reforms attached with the bailout deal.
Experts from the International Monetary Fund and the European
Union are studying the reform proposals which Athens has proposed
to unlock bailout money. While eurozone officials complained that
Greece's plans lack necessary details, Greek Prime Minister Alexis
Tsipras argued that he would not submit to creditors
unconditionally. Greece will run out of money by April 20 unless it
receive bailout funds by then.
Eurozone inflation and jobless rate are due shortly. While the
inflation is expected to fall for the fourth month in March, the
pace of decline is expected to slow from last month.
In economic news, Germany's retail sales growth eased at a
slower-than-expected pace in February, preliminary figures from
Destatis showed.
Retails sales grew 3.6 percent year-over-year in February,
slower than January's 5.0 percent climb, which was revised from a
5.3 percent increase.
The euro was lower against its major opponents, except the
franc, on Monday. The EUR/USD pair fell by 0.5 percent yesterday,
hurt by continued standoff between Greece and its creditors.
The single currency declined to 1.0744 against the U.S. dollar,
its lowest since March 20. Continuation of the euro's downtrend may
lead it to support around the 1.05 zone. The pair ended yesterday's
trading at 1.0831.
The euro declined by 0.5 percent to hit a 4-day low of 0.7277
against the Sterling. If the euro extends slide, it may find
support around the 0.72 mark. At Monday's close, the pair was
valued at 0.7312.
Reversing from an early 4-day high of 130.25 against the yen,
the euro slipped to a 4-day low of 129.17. The next possible
downside target for the euro-yen pair may be located around the
128.00 area. The euro-yen pair was worth 130.03 when it ended
Monday's trading.
Japanese housing starts declined at a slower than expected pace
in February, data from the Ministry of Land, Infrastructure,
Transport and Tourism showed.
Housing starts dropped 3.1 percent in February from last year,
slower than January's 13 percent decline and an expected decrease
of 7 percent.
The 19-nation currency pulled back from an early high of 1.0484
against the Swiss franc, and was steady in subsequent trading. The
pair was trading at 1.0460, compared to yesterday's New York
session close of 1.0476.
The euro declined to 4-day lows of 1.3675 against the loonie and
1.4375 against the kiwi, off early high of 1.3748 and a 5-day high
of 1.4458, respectively. The euro is poised to challenge support
around 1.36 against the loonie and 1.40 against the kiwi.
The euro moved away from an early session's high of 1.4180
against the aussie, edging down to 1.4113. Next key downside target
for the euro may be found around the 1.41 mark.
Looking ahead, Canada GDP for January, U.S. S&P Case Shiller
home price index for January, Chicago PMI for March and U.S.
consumer confidence index for March are set to be published in the
New York session.
At 7:55 am ET, U.S. Federal Reserve Bank of Richmond President
Jeffrey Lacker is expected to speak on Economic outlook in
Richmond.
Danièle Nouy, Chair of the ECB Supervisory Board, will deliver a
speech before the European Parliament's Committee on Economic and
Monetary Affairs on Brussels at 9:00 am ET. At the same time, U.S.
Federal Reserve Bank of Cleveland President Loretta Mester
moderates a policy session at a conference in Stone Mountain,
Georgia.
At 3:00 pm ET, U.S. Federal Reserve Bank of Kansas City
President Esther George is expected to speak on the U.S. economy in
New York.
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