News Column

Euro Slides Further Amid German ZEW Economic Sentiment Index

August 12, 2014

BRUSSELS (Alliance News) - The euro slipped further against most major currencies in European deals on Tuesday, as Germany's economic confidence weakened to lowest since December 2012.

The survey results from the Mannheim-based Centre for European Economic Research/ZEW showed that German economic sentiment index fell by 18.5 points to 8.6 in August, due to the ongoing geopolitical tensions. This was the lowest score since December 2012, when the reading was 6.9. The expected score for August was 17.

The euro declined to 4-day lows of 0.7954 against the pound and 136.46 against the yen, off early highs of 0.7979 and 136.88,respectively. The single currency fell to 1.3342 against the greenback, its lowest since August 8.

On the downside, the euro may possibly find support around 1.33 against the greenback, 0.79 against the pound and 135.6 against the yen.

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Source: Alliance News

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