Tuesday morning in Asia, the euro slumped to a near 2-week low against its Swiss counterpart. The euro weakened against other major currencies too and fell from a 1-week high against the yen.
The French current account report for the month of February has been scheduled for release at 2:45 am ET today.
The European currency eased against the Japanese yen after rising to a 1-week high of 134.35 during Tuesday's early Asian trading. The euro declined to 132.66 against the Japanese unit by about 10:35 pm ET, compared to 133.82 hit late Monday in New York. If the euro weakens further, 130.9 is seen as the next likely support level.
The yen has been rallying against its major counterparts today as a slump in equities forced investors to liquidate their positions in higher-yielding assets.
The European currency started ticking down against its Swiss counterpart by about 8:05 pm ET Monday. The euro thus dropped from 1.5163 to a near 2-week low of 1.5114 by about 10:40 pm ET. This may be compared to Monday's New York session closing value of 1.5151. On the downside, the next likely support level for the pair is seen around the 1.506 level.
The euro also showed weakness against the pound and the US dollar during today's early trading. The euro dipped to 0.8969 against the UK currency and 1.3308 against the dollar, compared to Monday's closing values of 0.9001 and 1.3369, respectively. The next likely support level for the euro-pound pair is seen at 0.886 and euro-dollar pair at 1.312 level.
The U.S. Labor Department is scheduled to release a report on the producer price index for March at 8:30 am ET. Economists expect the headline index for March to show an unchanged reading and the core reading to show 0.1% growth. At same time, the Advance retail sales report is also due to be released. Economists estimate a 0.3% growth in the retail sales for March, while they estimate a 0.1% increase in retail sales, excluding autos.
At 10:00 am ET, the Commerce Department is scheduled to release its business inventories report for February at 10 AM ET on the same day. The report is expected to show a 1.1% decline in business inventories for the month.
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