2020.03.2712:08:00UTC+00Euro Drops Amid Recession Fears

The euro slipped against its major counterparts in the European session on Friday, as the rapid spread of coronavirus infections sparked fears of a deep global recession.

Above 83,000 infections have been registered in the U.S., surpassing China and Italy, deepening anxiety.

There are now more than half a million cases of coronavirus reported in 202 countries and territories around the world.

The global death toll stood at 23,293, with more than a third of them from Italy.

Investors await the release of the University of Michigan's March consumer confidence index, due at 10:00 am ET.

Survey results from the statistical office Insee showed that French consumer confidence weakened only slightly in March.

The consumer confidence index fell to 103 in March from 104 in February. The indicator was forecast to fall sharply to 92.0.

The euro weakened to 0.8962 against the pound, its lowest level since March 13. The euro may locate support around the 0.88 level.

The euro declined to a 2-day low of 1.0585 against the franc, after rising to 1.0635 at 4:00 am ET. The euro may locate support around the 1.03 level.

The euro pulled back to 1.0991 against the greenback, from a 10-day high of 1.1087 seen at 11:45 pm ET. The next possible support for the euro is seen around the 1.08 level.

The European currency extended decline to a 2-day low of 119.60 against the yen. The euro is seen finding support around the 117.00 level.

Data from the Ministry of Communications and Internal Affairs showed that overall consumer prices in the Tokyo region of Japan were up 0.4 percent on year in March.

That exceeded expectations for an increase of 0.3 percent and was unchanged from the February reading.

Looking ahead, U.S. personal income and spending data for February and University of Michigan's final consumer sentiment index for March will be featured in the New York session.