The euro fell in the rising Italian bonds despite positive news of the currency
2018-10-08 11:40 am | Resource: News | No Views : 113
The euro fell against the major currencies in early trading despite a number of good news for the single currency on Monday as Italian bond yields rose, as the European Commission warned that the Italian budget plan was "a serious concern", raising fears of confrontation between Italy and UNHCR European Commission.
Last week, the European Commission told Italy that it was concerned about its budget deficit plans for the next three years, as it was out of what it intended in July.
The Fed may not raise interest again
The Federal Reserve Chairman of St. Louis Pollard said on Monday that the sudden growth in US GDP allowed additional interest rate increases, but added that rising interest rates "is no longer necessary." Pollard added that the further expansion of the US economy Now depends on the speed of productivity growth.
Pollard said earlier that US monetary policymakers should "put more weight than usual on financial market signals," saying neither "low unemployment nor faster real GDP growth gives a reliable signal of inflationary pressure because these experimental relationships Has collapsed. " He added that the current market refers to monetary policy "neutral or even somewhat restricted."
Russia may turn to the euro in trade with the EU
In further positive news for the euro, Russian Deputy Finance Minister Vladimir Kulchev said on Monday that Moscow could turn to the euro in dealing with European partners even in the energy resource dealings as a start.
Said a deputy minister. "We can see at least in the initial stage the main opportunity that can be achieved in the short and medium term - moving to dealing in national currencies with our European counterparts, including exports that include the supply of energy goods"
During the previous week, Russian President Vladimir Putin supported a plan to reduce Russia's dependence on the dollar, noting that the United States made a mistake by making the dollar less authentic.
The Euro is retreating against most currencies
The euro fell to 129.93 against the yen, the lowest since September 13. If the EUR drops further, the 128.00 level is likely to be seen as its next support level.
The single currency fell to a 4-day low of 1.1471 against the greenback and 1.1382 against the franc, from an early high of 1.1530 and 1.1441 respectively.
The single currency weakened to 1.6251 against the Australian dollar and 1.7790 against the kiwi, reversing from the highest level as early as 1.6348 and the 3-year high at 1.7929, respectively. The euro is expected to find support at 1.60 against the Australian dollar and 1.77 against the kiwi.
The euro fell to 1.4916 against the Canadian dollar after reaching a weekly high of 1.4943 . The next potential support for the EUR appears around the 1.47 level.
Time frame Used - four hours The USDJPY is moving in a bullish direction in the near term. The USDJPY faced resistance and selling pressure nearly of the resistance level of 113.58 to retract to the support level 113.20. In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery. Therefore, we expect that the USDJPY will test levels of 113.58 - 114.08 again…
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