💥Fed cuts sparks mid cap boom! ProPicks AI scores with 4 stocks +23% each. Get October’s update first.Pick Stocks with AI

Forex - Euro touches session lows after German ZEW misses

Published 03/18/2014, 06:35 AM
Euro slides lower after German ZEW deteriorates
EUR/USD
-
USD/JPY
-
EUR/JPY
-

Investing.com - The euro touched session lows against the dollar on Tuesday after a report showed that German economic expectations deteriorated in March, as concerns over the crisis in Ukraine weighed.

EUR/USD hit lows of 1.3880 and was last down 0.14% to 1.3902.

The pair was likely to find support at 1.3878, Monday’s low and resistance at 1.3946, Monday’s high.

The euro slipped after the ZEW Centre for Economic Research reported that its index of German economic sentiment fell to 46.6 this month from February’s reading of 55.7. Analysts had expected the index to decline to 53.0.

The report indicated that the economic upswing in Germany is not at risk. The assessment of current economic conditions improved to 51.3 this month from 50.0 in February.

Economic expectations for the euro area also deteriorated this month, the ZEW Centre said, dropping to 61.5 from 68.5 in February, compared to expectations for a decline to 67.3.

The euro was also lower against the yen, with EUR/JPY down 0.38% to 141.11.

The yen found support as caution returned to markets ahead of a speech by Russian President Vladimir Putin, amid concerns that tensions over the situation in Ukraine could escalate.

President Putin was due to address both houses of the Russian parliament later Tuesday. On Monday President Putin recognized the results of Sunday's referendum in Crimea, which saw a majority of voters chose to split from Ukraine.

The European Union and the U.S. have declared the vote illegal and imposed sanctions.

The dollar was also lower against the yen, as Monday’s relief rally faded. USD/JPY touched session lows of 101.33, and was last down 0.31% to 101.43, not far from Friday’s trough of 101.19.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.