RTTM:Euro Slides On Spanish Jobless Data, Greek Bailout Concerns
The euro declined against other major currencies in early European deals on Monday following Spanish jobless data and as Greece struggled to win parliamentary approval for austerity package.
Unemployment in Spain rose for a third consecutive month in October amid the country's deepening recession and stringent austerity.
The number of unemployed persons in Spain in October rose 2.73 percent month-on-month to 4.83 million. This figure was 10.84 percent higher than a year earlier
Greek concerns also weighed on the euro as Greek Prime Minister Antonis Samaras struggled to win approval of coalition partners on more austerity measures demanded by international lenders.
Samaras will present EUR 13.5 billion package of cost cuts and tax hikes to parliament today, which is expected to put for voting on Wednesday.
Sentiment was also hurt ahead of the outcome of U.S. Presidential election.
U.S. President Barack Obama is facing crucial Presidential contest against Republican Mitt Romney on Tuesday. Opinion polls show equal support for both candidates.
In economic news, confidence among Eurozone investors increased for a third month in a row in November, reflecting an improvement in their assessment of the current situation as well as expectations of future economic developments, data released by the think-tank Sentix showed today.
The Sentix Index rose to -18.8 in November from -22.2 in October and -23.2 in September. Economists had forecast an increase in the reading to -21.1
The euro declined to a 6-day low of 102.59 against the yen, down from Friday's close of 103.21. The next support level for the euro-yen pair is seen at 102.00.
Against the franc, the euro fell to as low as 1.2064 with 1.20 seen as the next downside target level. The pair closed last week's trading at 1.2071.
The euro declined to 1.2781 against the U.S. dollar for the first time since September 11. If the euro slides further, it may break 1.27 level.
The euro recovered from a 5-week low of 0.7988 against the pound and the pair is trading at 0.8011. The euro-pound pair ended Friday's trading at 0.8010.
The pound weakened against the euro after the release of U.K. services PMI.
The U.K. services sector grew at the slowest pace in the current 22-month period of rising activity, survey data from Markit Economics showed today.
The headline Purchasing Managers' Index fell more than expected to 50.6 in October from 52.2 in September
The European single currency also declined to new multi-week lows of 1.2733 against the loonie, 1.2348 against the aussie and 1.5497 against the kiwi. If the euro slides further, it may target 1.27 against the loonie, 1.23 against the aussie and 1.54 against the kiwi.
Australia's monthly inflation gauge rose 0.1 percent in October, following a 0.2 percent rise in September, data from TD Securities and Melbourne Institute showed today.
In the twelve months to October, the inflation gauge increased 2.4 percent, the same annual rate as the year to September
Canada building permits for September and ISM non-manufacturing composite index for October are slated for release in the New York morning session.
