Thursday, 09 April 2020
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Euro Bears Lurk as Worries About Economic Outlook Grow

The euro traded near a three-year low versus the dollar ahead of a highly watched German survey on Tuesday, which is expected to show a sharp slump in investor confidence and fuel growing pessimism about the outlook for Europe™s largest economy.

Financial markets clung to tight ranges following a U.S. public holiday on Monday, shifting the investor focus to European news and developments in the coronavirus crisis.

The euro was quoted at $1.0836 in Asia, close to its lowest since April 2017.

Since the start of February, the single currency has lost 2.3% versus the greenback as disappointing economic data raised concerns that euro zone monetary policy will have to remain accommodative for much longer.

The pound held steady at $1.3003 in Asia on Tuesday following a 0.3% decline in the previous session. Sterling was quoted at 83.30 pence per euro, nursing a 0.4% decline on Monday.

Elsewhere in the currency market, the offshore yuan held steady at 6.9882 per dollar after China™s Hubei province, considered the epicentre of the coronavirus outbreak, said new cases of the illness fell slightly to 1,807 on Monday from 1,933 the previous day.

The yen, which initially gained on safe-haven flows as the outbreak unfolded last month, held steady in a narrow range at 109.82 per dollar.

The Australian dollar fell 0.22% to $0.6702 after minutes from the Reserve Bank of Australia™s first meeting of the year showed policymakers discussed easing policy.

The RBA kept rates unchanged at an all-time low of 0.75% at that meeting, but the minutes showed central bankers are prepared to ease policy further if needed.

The New Zealand dollar was little changed at $0.6436.

Source : Reuters

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