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Forex News: Euro Firms As Geopolitical Tensions Recede

Euro Firms As Geopolitical Tensions Recede

11/16/2022 - 09:59:00 (RTTNews)

(RTTNews) - The euro was higher against its most major counterparts during the European session on Wednesday, as comments from U.S. President Joe Biden alleviated concerns over a missile strike in Poland, which killed two people.

Biden said that missile that hit the town of Przewodow in Poland may not have been launched from Russia.

NATO chief Jens Stoltenberg said that there is "no indication" the missile explosion in Poland was "a deliberate attack".

"Ukraine's defense was launching their missiles in various directions and it is highly probable that one of these missiles unfortunately fell on Polish territory," Polish President Andrzej Duda said.

These comments helped ease concerns about a possible escalation of violence in the Ukraine conflict.

In its Financial Stability Review, the European Central Bank said that risks to the financial stability in the euro area increased amid rising inflation and low economic growth.

The ECB observed that financial conditions tightened as central banks took measures to combat inflation.

The euro touched 145.50 against the yen, its strongest level since November 10. Should the euro rises further, 147.5 is likely seen as its next resistance level.

The euro edged up to 1.0438 against the greenback and 1.5406 against the aussie, up from its prior lows of 1.0331 and 1.5283, respectively. The euro is seen finding resistance around 1.08 against the greenback and 1.57 against the aussie.

The euro rose to 1.6910 against the kiwi and 1.3821 against the loonie, off its early lows of 1.6781 and 1.3727, respectively. The next possible resistance for the euro is seen around 1.72 against the kiwi and 1.42 against the loonie.

The euro climbed to 0.9815 against the franc at 2:55 am ET and held steady shortly thereafter. At Tuesday's close, the pair was valued at 0.9767.

The euro advanced to 0.8776 against the pound at 4:30 am ET, but it has since eased to 0.8737. The pair had ended yesterday's trading session at 0.8718.

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