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Forex News: Euro Climbs Before Key Risk Events

Euro Climbs Before Key Risk Events

03/04/2024 - 12:10:00 (RTTNews)

(RTTNews) - The euro was higher against its most major counterparts in the European session on Monday, as investors awaited cues from the U.K. Spring Budget, Fed Chair Jerome Powell's congressional testimony and the interest rate decision from the European Central Bank.

Powell testifies Tuesday and Wednesday before House and Senate committees, a semi-annual exercise.

Investors also await directional cues from this week's U.K. Spring Budget and the interest rate decision from the European Central Bank.

The European Central Bank is expected to freeze interest rates again amid a complex economic landscape.

In economic news, a survey showed the Eurozone Sentix Investor Confidence Index rose from -12.9 in February to -10.5 in March.

The score was the highest since April 2023. The reading was seen at -10.8.

The euro advanced to near a 2-week high of 1.0866 against the greenback and a 6-day high of 163.52 against the yen, off its early lows of 1.0834 and 162.53, respectively. The next possible resistance for the euro is seen around 1.12 against the greenback and 167.00 against the yen.

The euro firmed to 4-day highs of 1.6676 against the aussie, 1.7817 against the kiwi and 1.4746 against the loonie, off its previous lows of 1.6591, 1.7727 and 1.4681, respectively. The euro is seen finding resistance around 1.70 against the aussie, 1.80 against the kiwi and 1.50 against the loonie.

The euro strengthened to 0.9621 against the franc, its highest level since November 29, 2023. If the currency rises further, it may find resistance around the 0.995 level.

In contrast, the euro fell to a 4-day low of 0.8551 against the pound. Next key support for the euro is likely seen around the 0.82 level.

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