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Forex News: Euro Drops On Concerns Over Russia's Gas Supply

Euro Drops On Concerns Over Russia's Gas Supply

07/26/2022 - 07:53:00 (RTTNews)

(RTTNews) - The euro weakened against its major rivals in the European session on Tuesday, as Russia is set to further reduce gas flows to Europe, sparking fears about an energy crisis and a slowdown in economic growth.

Russia's Gazprom said that it will reduce gas supply through Nord Stream 1 to 33 million cubic metres per day from Wednesday, which will be just 20 percent of normal capacity.

Investors also focus on the two-day policy setting meeting of the Federal Reserve, at which it is expected to raise rates by 75 basis points.

Growing uncertainty over the Fed's policy tightening path and Russia's tightening of gas supplies to Europe kept investors on the edge.

U.S. stock futures fell as Walmart cut its profit outlook for the full year, saying that high food inflation is constraining consumer spending.

The euro declined to a 4-day low of 1.0135 against the greenback and a 7-1/2-year low of 0.9776 against the franc, down from its early highs of 1.0250 and 0.9866, respectively. The euro may locate downside target levels of around 1.00 against the greenback and 0.965 against the franc.

The euro touched near a 2-week low of 138.54 against the yen and an 8-day low of 0.8457 against the pound, falling from its previous highs of 139.84 and 0.8492, respectively. The currency is likely to face support around 132.00 against the yen and 0.82 against the pound.

Retreating from its prior highs of 1.6357 against the kiwi and 1.3153 against the loonie, the euro dipped to 4-day lows of 1.6275 and 1.3054, respectively. The euro is seen finding support around 1.61 against the kiwi and 1.28 against the loonie.

The euro fell to 1.4623 against the aussie, its lowest level since May 5. If the euro slides further, 1.43 is possibly seen as its next support level.

Looking ahead, Canada wholesale sales for June are scheduled for release at 8:30 am ET.

U.S. consumer confidence index for July, new home sales for June and FHFA's house price index and S&P/Case-Shiller home price index for May will be published in the New York session.

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