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Forex News: Euro Drops Against Majors

Euro Drops Against Majors

01/22/2024 - 10:30:00 (RTTNews)

(RTTNews) - The euro fell against its major counterparts in the European session on Monday, ahead of the European Central Bank's interest rate decision on Thursday.

The ECB is expected to maintain its monetary policy unchanged at the first policy meeting of the year.

Investors await President Christine Lagarde's press conference for more clues on the timing of interest rate cuts.

In an interview with Bloomberg television at Davos last week, Lagarde indicated that the ECB is likely to implement interest rate cuts in the summer.

S&P Global will release Eurozone flash PMI data for January on Wednesday

The euro weakened to a 4-day low of 160.75 against the yen and near a 2-week low of 1.4606 against the loonie, off its early highs of 161.56 and 1.4660, respectively. The euro is seen finding support around 155.00 against the yen and 1.44 against the loonie.

The euro eased to 1.0879 against the greenback and 0.9446 against the franc, from a previous 6-day high of 1.0909 and a multi-week high of 0.9473, respectively. The euro is poised to challenge support around 1.06 against the greenback and 0.925 against the franc.

The euro retreated to 1.6511 against the aussie and 1.7789 against the kiwi, from an early high of 1.6563 and nearly a 2-month high of 1.7868, respectively. The currency may possibly face support around 1.61 against the aussie and 1.74 against the kiwi.

The euro edged down to 0.8554 against the pound, down from an early high of 0.8583. Next key support for the euro is likely seen around the 0.84 level.

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