RTTN: Euro Slides To 4-day Low Against Dollar And Yen
(RTTNews) - In early European deals on Tuesday, the euro declined to a 4-day low against its US and Japanese counterparts on the back of weak European stocks as investors grew cautious after a recent rally in riskier assets.
Meanwhile, the euro pared its recent gains against the franc, but jumped to a 6-day high against the pound.
Germany's DAX fell 0.4%, France's CAC 40 index slipped 0.5% and U.K.'s FTSE 100 index dropped 0.2%.
At 4:35 am ET Tuesday, the euro dropped to a 4-day low of 121.73 against the yen and 1.3579 against the dollar, compared to Monday's close of 123.16 and 1.3634, respectively. As of now, the euro is worth 1.3585 against the dollar and 121.85 against the yen. If the euro slides further, it may target 121.5 against the yen and 1.353 against the dollar.
The euro slipped against the Swiss franc after reaching a high of 1.4638 at 3:05 am ET Tuesday. The euro-franc pair that closed Monday's deals at 1.4634 is presently quoted at 1.4626 with 1.4621 seen as the next downside target level.
Switzerland's consumer price index, or CPI, rose 0.9% on an annual basis in February, the Federal Statistical Office said today. Economists had forecast a rate of 1%, the same as in January.
The CPI recorded a slight increase of 0.1% on a monthly basis. It was expected to rise by 0.2%.
At 4:50 am ET Tuesday, the euro soared to a 6-day high of 0.9099 against the pound. The next upside target level for the euro is seen at 0.915. Currently, the euro-pound pair is worth 0.9090. The pair closed yesterday's North American session at 0.9052.
U.K.'s visible trade deficit increased sharply to GBP 8 billion in January, data from the Office for National Statistics showed today. Consensus forecast was for a shortfall of GBP 7 billion.
