Euro Slides After Fed's Yellen Express Concerns Over Global Growth Outlook
February 10 2016 - 04:19AM
RTTF2
The euro slipped against its major rivals in European deals on
Wednesday, as the Fed Chairwoman Janet Yellen warned that financial
conditions "have become less supportive to growth," which could
weigh on the outlook for economic activity, if it persists.
In testimony prepared for delivery to the House Financial
Services, Federal Reserve Chair Janet Yellen admitted that
"downside risks" from exposure to the slowing Chinese economy could
hurt the U.S.
"Should any of these downside risks materialize, foreign
activity and demand for U.S. exports could weaken and financial
market conditions could tighten further," she said.
The European currency slipped to 1.1222 against the greenback,
compared to 1.1292 hit late New York Tuesday. If the euro-greenback
pair extends slide, it may find support around the 1.10 zone.
Pulling away from an early high of 130.11 against the Japanese
yen, the euro edged down to 128.94. The next possible downside
target for the euro-yen pair may be found around the 127.00
level.
The single currency depreciated to 1.0954 against the Swiss
franc, its weakest since January 25, and held steady thereafter.
Continuation of the euro's downtrend may take it to a support
around the 1.08 area.
The common currency fell to a 2-day low of 0.7729 against the
pound, coming off from a high of 0.7819 hit at 8:30 pm ET. Further
weakness may take the euro to a support around the 0.76 mark.
Euro vs US Dollar (FX:EURUSD)
Forex Chart
From Feb 2024 to Mar 2024
Euro vs US Dollar (FX:EURUSD)
Forex Chart
From Mar 2023 to Mar 2024