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Forex News: Euro Drops In Lackluster Trade

Euro Drops In Lackluster Trade

02/05/2024 - 05:56:00 (RTTNews)

(RTTNews) - The euro fell against its most major counterparts in the European session on Monday, as hopes of early U.S. rate cuts faded and the Eurozone's services PMI came in at 48.4 in January, down slightly from December's 48.8.

Robust U.S. jobs data coupled with relatively hawkish comments from Federal Reserve Chair Jerome Powell in an interview broadcast Sunday night led investors to scale back bets on interest rate cuts this year.

The dollar and bond yields rose, weighing on investors' risk appetite.

Meanwhile, the Eurozone Sentix Investor Confidence Index improved further from -15.8 in January to -12.9 in February.

The euro eased to 0.8529 against the pound and 159.70 against the yen, from an early 4-day high of 0.8554 and a 6-day high of 160.27, respectively. The euro is seen finding support around 0.82 against the pound and 155.00 against the yen.

The euro retreated to 1.6538 against the aussie and 1.7722 against the kiwi, down from an early 4-day high of 1.6601 and a 1-week high of 1.7809, respectively. The euro is likely to face support around 1.61 against the aussie and 1.74 against the kiwi.

The euro touched 1.0761 against the greenback, its lowest level since December 12. If the euro falls further, it is likely to test support around the 1.05 region.

The euro reached as low as 1.4506 against the loonie. Next key support for the euro is likely seen around the 1.42 level.

In contrast, the euro climbed to a 6-day high of 0.9363 against the franc. If the currency rises further, it may find resistance around the 0.98 level.

Looking ahead, ISM services PMI for January will be released in the New York session.

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