The euro extends losses below 1.1050 amid a downgrade to the German 2019 GDP growth forecast. Further, broad-based US dollar strength on trade optimism also added to the downside pressure.
The single currency lacked any firm directional bias on Tuesday and seesawed between tepid gains/minor losses, well within the previous session's broader trading range. The shared currency remained supported by the fact that the German government is considering fiscal stimulus to boost the economy without breaching national spending rule.
However, speculations over additional monetary easing by the European Central Bank (ECB) held investors from placing any aggressive bullish bets.
Meanwhile, the recent optimism over the resumption of the US-China trade talks continued driving the U.S. Treasury bond yields higher and provided a minor lift to the U.S. Dollar, which further collaborated towards capping the occasional bullish attempts.
28 Feb 2020 05:20 PM
The Indian rupee slipped against the dollar this month amid a broad decline in Asian currencies and equities, on growing alarm over the spread of the coronavirus beyond China and across the globe.
28 Feb 2020 04:37 PM
Indian shares sank on Friday for a sixth straight session, capping their worst week in more than a decade, over fears that the fast-spreading coronavirus outbreak could trigger a global recession.
28 Feb 2020 02:56 PM
The pound dropped on Friday, particularly against the euro, as worries about the fast-spreading coronavirus sent investors out of currencies deemed riskier.
28 Feb 2020 11:28 AM
The yuan eased on Friday, dragged by a massive global selloff in risk assets as investors panicked about the fast spread of the coronavirus, however, growing expectations of a U.S. rate cut slowed the Chinese currency's fall against the dollar.
28 Feb 2020 09:46 AM
Oil prices fell for a sixth straight session on Friday and were on track for about a 12% weekly fall, the biggest in more than four years, as the spread of the coronavirus outside China raised fears of slowing global demand.
28 Feb 2020 09:20 AM
The dollar nursed losses on Friday after its worst day against the euro in nearly two years, as the global spread of the coronavirus fired up expectations for a U.S. rate cut and pushed the hunt for yield elsewhere.