February 14, 2020 / 3:28 PM / 4 days ago

FOREX-Euro rebounds as U.S. stocks drop, growth concerns remain

    * Euro bounces as U.S. stocks decline
    * Virus concerns seen supportive of U.S. dollar

 (New throughout, updates prices, market activity and comments
to U.S. market open, new byline, changes dateline, previous
LONDON)
    By Karen Brettell
    NEW YORK, Feb 14 (Reuters) - The euro bounced against the
greenback on Friday as U.S. stocks declined from record highs,
though concerns about growth in the eurozone are expected to
keep weighing on the single currency.
    Anxiety about the impact of the coronavirus on the European
economy this week helped send the euro to its lowest levels
against the dollar in 2-1/2 years.
    A report on Friday that Fiat Chrysler plans to close a plant
in Serbia due to a lack of parts added to fears that ties to
China leave Europe's economy vulnerable.
    “We had some first indications that this might be starting
to impinge on the global supply chain this morning with Chrysler
shutting one of their factories in Eastern Europe because of
shortage of supplies from China,” said Shaun Osborne, chief FX
strategist at Scotiabank in Toronto.
    The virus has infected 1,700 Chinese health workers and
killed six, authorities said on Friday.
    Data also hinted at a soft European economy. Euro zone gross
domestic product grew 0.1% quarter-on-quarter in the fourth
quarter, in line with forecasts, while year-on-year growth was
weaker than expected at 0.9%.
    The German economy stagnated in the fourth quarter due to
weaker private consumption and state spending, renewing fears of
a recession just as Chancellor Angela Merkel's conservatives are
preoccupied with a search for a new leader.
    The euro fell to $1.0826, the lowest since May 2017,
before rebounding to $1.0856. It has fallen from $1.1095 on Feb.
3.
    The euro came off its lows as U.S. stocks declined from
record highs reached on Thursday.
    U.S. data showed clothing store sales in January declining
the most since 2009, which could raise concerns about the
staying power of the moderate economic expansion.
    
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    Currency bid prices at 9:59AM (1459 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.0856        $1.0840     +0.15%         -3.16%      +1.0861     +1.0828
 Dollar/Yen       JPY=        109.7100       109.8100    -0.09%         +0.78%      +109.9000   +109.7100
 Euro/Yen         EURJPY=     119.12         119.04      +0.07%         -2.32%      +119.2200   +118.8900
 Dollar/Swiss     CHF=        0.9803         0.9792      +0.11%         +1.29%      +0.9818     +0.9790
 Sterling/Dollar  GBP=        1.3021         1.3045      -0.18%         -1.80%      +1.3063     +1.3003
 Dollar/Canadian  CAD=        1.3248         1.3267      -0.14%         +2.02%      +1.3269     +1.3235
 Australian/Doll  AUD=        0.6716         0.6718      -0.03%         -4.34%      +0.6731     +0.6710
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.0647         1.0615      +0.30%         -1.89%      +1.0650     +1.0610
 Euro/Sterling    EURGBP=     0.8335         0.8307      +0.34%         -1.41%      +0.8344     +0.8300
 NZ               NZD=        0.6436         0.6435      +0.02%         -4.45%      +0.6444     +0.6424
 Dollar/Dollar                                                                                  
 Dollar/Norway    NOK=        9.2333         9.2495      -0.18%         +5.18%      +9.2703     +9.2257
 Euro/Norway      EURNOK=     10.0257        10.0298     -0.04%         +1.91%      +10.0547    +10.0190
 Dollar/Sweden    SEK=        9.6928         9.6705      +0.36%         +3.70%      +9.7072     +9.6717
 Euro/Sweden      EURSEK=     10.5249        10.4867     +0.36%         +0.53%      +10.5285    +10.4850
 
 (Editing by David Gregorio)
  
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