Euro Weakens On Growth Concerns

(RTTNews) - The euro fell against its most major counterparts in the European session on Thursday amid risk aversion, as Eurozone's Services PMI was finalized at a six-month low of 50.9 in July.

U.K. services growth cooled to a six-month low in July and German exports data disappointed, adding to concerns around slowing growth.

Investors also awaited the Bank of England monetary policy decision as well as earnings from Apple and Amazon later in the day.

The Bank of England's rate decision is likely to be a close call between a 25 basis-point and a 50 basis-point hike. The announcement is due at 7.00 am ET.

The central bank will also release its quarterly monetary policy report along with the policy decision.

The euro dropped to near a 4-week low of 1.0912 against the greenback, 2-day low of 0.9573 against the franc and a 3-day low of 155.97 against the yen, off its early highs of 1.0949, 0.9612 and 157.23, respectively. The next possible support for the euro is seen around 1.07 against the greenback, 0.94 against the franc and 147.5 against the yen.

The euro pulled back to 1.7984 against the kiwi, off an early 10-day high of 1.8031. If the currency slides again, it may find support around the 1.74 area.

In contrast, the euro climbed against the pound, touching a 10-day high of 0.8638. The currency may challenge resistance around the 0.88 level.

The euro recovered to 1.4625 against the loonie, reversing from an early low of 1.4584. Next near term resistance for the currency is likely seen around the 1.48 level.

The euro advanced to 1.6767 against the aussie, its highest level since April 26. The euro is seen finding resistance around the 1.70 level.

Looking ahead, the Bank of England's monetary policy announcement is due at 7:00 am ET. The BoE is widely expected to raise its key rate by 25 basis points to 5.25 percent from 5 percent.

U.S. weekly jobless claims for the week ended July 29, ISM services PMI for July and factory orders for June will be out in the New York session.