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

By Karen Brettell

* Euro bounces as U.S. stocks decline * Virus concerns seen supportive of U.S. dollar (Adds Monday's holiday, U.S. outlook, updates prices) 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. The euro fell to $1.0826, the lowest since May 2017, before rebounding to $1.0842. 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. A stronger U.S. economic outlook has supported the greenback, while it has also benefited from a popular trade in which investors borrow in the euro to invest in higher-yielding U.S. assets. Data on Friday hinted at a soft European economy. Eurozone 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. 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. U.S. markets will be closed on Monday for the Presidents' Day holiday. ======================================================== Currency bid prices at 2:30PM (1930 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.0842 $1.0840 +0.02% -3.30% +1.0861 +1.0828 Dollar/Yen JPY= 109.7400 109.8100 -0.06% +0.81% +109.9000 +109.7100 Euro/Yen EURJPY= 118.98 119.04 -0.05% -2.44% +119.2200 +118.8900 Dollar/Swiss CHF= 0.9812 0.9792 +0.20% +1.38% +0.9822 +0.9790 Sterling/Dollar GBP= 1.3036 1.3045 -0.07% -1.68% +1.3063 +1.3003 Dollar/Canadian CAD= 1.3240 1.3267 -0.20% +1.96% +1.3269 +1.3235 Australian/Doll AUD= 0.6709 0.6718 -0.13% -4.44% +0.6731 +0.6710 ar Euro/Swiss EURCHF= 1.0639 1.0615 +0.23% -1.96% +1.0650 +1.0610 Euro/Sterling EURGBP= 0.8316 0.8307 +0.11% -1.63% +0.8344 +0.8300 NZ NZD= 0.6430 0.6435 -0.08% -4.54% +0.6444 +0.6424 Dollar/Dollar Dollar/Norway NOK= 9.2577 9.2495 +0.09% +5.46% +9.2703 +9.2257 Euro/Norway EURNOK= 10.0372 10.0298 +0.07% +2.03% +10.0547 +10.0190 Dollar/Sweden SEK= 9.7176 9.6705 +0.48% +3.96% +9.7256 +9.6717 Euro/Sweden EURSEK= 10.5371 10.4867 +0.48% +0.65% +10.5411 +10.4850 (Editing by David Gregorio and Richard Chang)

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