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Forex News: Euro Declines In Cautious Trade

Euro Declines In Cautious Trade

01/23/2024 - 09:40:00 (RTTNews)

(RTTNews) - The euro dropped against its major counterparts in the European session on Tuesday, as investors focus on earnings and key economic data, including the Federal Reserve's preferred PCE price index and U.S. Q4 GDP figures due later this week.

Investors digested the Bank of Japan's decision to hold interest rates steady and lower inflation forecast.

The European Central Bank meets on Thursday and no change in interest rates is expected. The bank's statement will be closely watched for clues about the timing and pace of interest rate cuts.

The personal consumption expenditure price index - the Fed's preferred inflation gauge and an advance fourth-quarter GDP data will be closely watched ahead of the Federal Reserve's policy meeting due next week.

The Bank of Canada is widely expected to keep its interest rate unchanged when it announces the monetary policy decision on Wednesday.

The euro weakened to a 4-day low of 0.9436 against the franc and a multi-month low of 0.8546 against the pound, off its early highs of 0.9458 and 0.8565, respectively. The euro is seen finding support around 0.925 against the franc and 0.84 against the pound.

The euro dropped to a 6-day low of 160.42 against the yen and a 5-day low of 1.0860 against the greenback, from a previous 4-day high of 161.70 and a 1-week high of 1.0916, respectively. The euro is poised to challenge support around 155.00 against the yen and 1.06 against the greenback.

The euro declined to 1.4634 against the loonie and 1.7821 against the kiwi, from an early 5-day high of 1.4693 and nearly a 2-month high of 1.7935, respectively. The currency may possibly face support around 1.44 against the loonie and 1.74 against the kiwi.

The euro touched 1.6471 against the aussie, setting a 1-week low. Next key support for the euro is likely seen around the 1.61 level.

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