Euro Falls In Cautious Trade
The euro was lower against its major counterparts in the
European session on Thursday, amid an energy crisis in the euro
area and investors awaited U.S. Federal Reserve chair Jerome
Powell's speech at the Jackson Hole economic symposium on
The Jackson Hole Symposium began in Wyoming, with investors
focused on clues about the Fed's monetary policy tightening path
for the rest of this year.
The minutes from the European Central Bank's July meeting showed
that a very large number of members agreed that it was appropriate
to raise the key interest rates by 50 basis points.
Policymakers judged that the monetary policy stance remained
accommodative even after a 50 basis point rise.
"In the current circumstances with exceptionally high
uncertainty, specific forward guidance on the future interest rate
path was seen as excessively constraining the Governing Council's
optionality, flexibility and data-dependence, with the risk that
the Governing Council would tie itself to decisions that it needed
to reverse later when circumstances changed," the minutes
Survey results from the ifo Institute showed that German
business confidence weakened for the third straight month in August
to the lowest since mid-2020, signaling that the economy is sliding
into a recession.
The business climate index fell to 88.5 points in August from
88.7 points in July. This was the lowest score since June 2020 but
well above economists' forecast of 86.8.
The euro declined to 0.8427 against the pound and 136.01 against
the yen, off an early 3-day high of 0.8461 and a 2-day high of
136.98, respectively. The euro is seen finding support around 0.82
against the pound and 135.00 against the yen.
The euro was trading at 0.9614 against the franc, down from a
6-day high of 0.9656 seen at 2:15 am ET. The next possible downside
target for the currency is seen around the 0.955 level.
The euro retreated to 0.9963 against the greenback, following a
3-day high of 1.0033 hit at 2:35 am ET. Next key support for the
euro is seen around the 0.97 level.
The euro fell to 1.4299 against the aussie, its lowest level
since April 2017. Against the loonie, it was down at a 9-1/2-year
low of 1.2876. The euro may challenge support around 1.40 against
the aussie and 1.25 against the loonie.
The euro touched an 8-day low of 1.5992 against the kiwi, after
climbing to a 3-day high of 1.6135 in the previous session. The
currency is likely to face support around the 1.54 region, if it
Euro vs Yen (FX:EURJPY)
Von Nov 2022 bis Dez 2022
Euro vs Yen (FX:EURJPY)
Von Dez 2021 bis Dez 2022