RTTN:Euro Drops To 3-day Low Against Dollar On Disappointing German Retail Sales
(RTTNews) - The euro has been extending its Asian session's slide against most major currencies in early European deals on Friday as a report showed that the German retail sales declined more than expected in August.
Data from the Federal Statistical Office showed that the retail sales fell 2.9 percent month-on-month in August, following a 0.3 percent rise in July and 4 percent increase in June. Economists expected a 0.5 percent slump in sales from July.
However, retail sales increased 2.2 percent on year, against economists' expectations for a 1 percent decline. This was the first increase in three months and follows a 1.8 percent drop in July.
The euro is trading at a 3-day low of 1.3497 against the US dollar with 1.340 seen as the next downside target level. At yesterday's close, the euro-dollar pair was quoted at 1.3593.
Against the yen, the euro is worth 103.47, compared to yesterday's close of 104.46. The next downside target level for the euro-yen pair is seen at 102.5.
The euro is trading at 0.8680 against the pound, down from yesterday's close of 0.8702. If the euro-pound pair weakens further, it may likely target the 0.866 level.
The euro that fell to a 2-day low of 1.2182 against the franc in Asian deals at 11:25 pm ET gained few pips thereafter. The euro-franc pair is now trading near yesterday's close of 1.2198.
Traders now focus on the Eurozone flash inflation for September and jobless figures for August, which are due at 5.00 am ET.
Swiss KOF leading index for September is expected at 5:30 am ET.
Across the Atlantic, Canada's GDP for July, U.S. personal income and spending data for August, Institute of Supply Management-Chicago's business survey for September and the Reuters/University of Michigan's final report on the consumer sentiment index for September are scheduled for release in the New York morning session
