Forex News

The euro weakened after the release of data on the deterioration of economic confidence in Germany

The euro fell against its main competitors during the European session on Tuesday, as data showed that Germany’s economic confidence weakened in October.
Survey data from the Center for European Economic Research, or ZEW, showed that the sentiment index in the business environment fell sharply by 14.1 points to -24.7 in October. The expected figure was -12.
The figure reached the same low level as in July of this year, and turned out to be the lowest figure since August 2012.
The current economy estimate fell 5.9 points to 70.1, well below the expected level of 74.4.
European stocks were mixed, as investors watched the geopolitical events in the Middle East and expected the publication of the minutes of the last political meeting of the US Federal Reserve, to be held on Wednesday.
As for other economic news, Destatis reported that German import prices increased at a steady pace in August.
Import prices in August rose by 4.8 percent compared to the same period last year. The same indicator was noted in July. Economists predicted an acceleration of growth to 5.2 percent.
The euro showed mixed trade in relation to its main competitors during the Asian session. While the euro fell against the US dollar and the yen, it remained stable against the pound. In relation to the franc, the currency strengthened.
The euro fell to 1.1435 against the franc, versus a maximum of 1.1457, reached at 4:00 am EST. The next possible support for the euro can be found in the 1.12 area.
The single currency fell to 1.1566 against the US dollar, after rising to 1.1599 at 3:45 am ET. The euro tends to find support in the 1.13 area.
The euro fell to a 4-day low of 0.8753 against the pound, from its early high of 0.8810. If the euro continues to decline, support can be found in the 0.86 area.
After rising to a 4-day high of 130.06 against the yen at 3:45 am ET, the euro changed direction and traded at 129.72. On the other hand, a mark of 128.00 can be considered as the next level of support for the euro.
The single currency shrank to a 6-day low of 1.5005 against the Canadian dollar, changing from a high of 1.5058, reached at 3:30 am EST. The next key support for the euro is in the area of ​​1.49.
After the euro reached a 4-day high of 1.6285 against the Australian dollar at 3:15 am ET, it retreated to 1.6236. At the start of today's trading, the euro was trading at a 4-day low of 1.6208. The currency is expected to find support around 1.60.
The euro again fell to 1.7583 against the New Zealand dollar, intending to overcome the almost 2-week low of 1.7558, which was noted at 5:45 pm ET. Support for the euro is likely to be found in the 1.74 area.
Looking ahead, during the New York session is expected to release data on industrial output in the US in September and the index of the real estate market from the National Association of Home Builders in October.