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Euro heads towards 9-month lows

Tuesday, August 12 08:56:05

The euro fell towards 9-month lows against the dollar on Tuesday, as investors positioned for a weak German sentiment survey that is likely to add to signs of a slowdown in the euro zone recovery, specifically in Germany.

The German ZEW survey for August will be released at 0900 GMT and both the current situation index and the expectations index are both forecast to have fallen, as many expect Europe's largest economy to be hit by sanctions imposed on Russia.

Russia is one of Germany's biggest trading partners and the West has imposed tough sanctions on Moscow amid the continuing conflict with Ukraine. Russia, too has responded with sanctions, all which analysts say, will hurt the euro zone more than the U.S. economy.

The euro was down 0.15 percent at $1.3664, not far from a nine-month low of $1.3333 struck on Aug. 6. It was also lower against the yen at 136.70 yen, eyeing a recent trough of 135.73 yen.

The euro's losses saw the dollar edge up. The index rose 0.1 percent to 81.559 with the dollar making gains against the yen and the Swiss franc, too. (Reuters)

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