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Forex News: Euro Lower Against Most Majors

Euro Lower Against Most Majors

10/22/2024 - 14:45:00 (RTTNews)

(RTTNews) - The euro declined against its most major counterparts in the New York session on Tuesday, amid dovish comments from European Central Bank President Lagarde.

Lagarde said at a Bloomberg Newsmaker event that she is absolutely confident that inflation could fall back to 2 percent by 2025.

The ECB will continue lowering its key interest rates, but the pace of cuts will be data-dependent.

A strength in the US dollar on expectations of gradual rate cuts by the Fed also weighed on the currency.

Europe's new car registrations declined for the second straight month in September due to the fall in sales across France, Germany and Italy, data published by the European Automobile Manufacturers' Association, or ACEA, showed.

New car sales decreased 6.1 percent in September from a year ago. However, this was much slower than the 18.3 percent fall posted in August. This was the second consecutive decrease.

The euro fell to a 2-1/2-month low of 1.0800 against the greenback and near a 2-week low of 0.9349 against the franc, off its early highs of 1.0837 and 0.9376, respectively. The currency is seen finding support around 1.06 against the greenback and 0.925 against the franc.

The euro dropped to a 4-day low of 1.6149 against the aussie and a 5-day low of 1.4929 against the loonie, from its early highs of 1.6260 and 1.4985, respectively. The currency may challenge support around 1.59 against the aussie and 1.46 against the loonie.

The euro weakened to a 5-day low of 1.7836 against the kiwi, reversing from an early 6-day high of 1.7962. The currency is likely to locate support around the 1.74 level.

The euro eased to 0.8320 against the pound, from an early 5-day high of 0.8346. This may be compared to an early 4-day low of 0.8319. If the currency falls further, it is likely to test support around the 0.82 region.

In contrast, the euro recovered to 163.45 against the yen. This may be compared to an early more than a 2-month high of 163.66. The currency is poised to challenge resistance around the 167.0 level.

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