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Forex News: Euro Weakens Ahead Of ECB Rate Decision

Euro Weakens Ahead Of ECB Rate Decision

10/15/2024 - 13:17:00 (RTTNews)

(RTTNews) - The euro declined against its most major counterparts in the New York session on Tuesday, ahead of the European Central Bank meeting that is widely expected to deliver another interest rate cut after recent data signaled continued weakness in the euro zone economy.

The ECB is widely anticipated to reduce interest rates by 25 basis points, which would bring the deposit facility rate to 3.25 percent.

Headline inflation dropped below the ECB's target in September, bolstering the possibility of rate cuts in October and December.

ECB policymakers, including President Christine Lagarde, hinted at further monetary easing amid easing inflationary pressures.

Germany's wholesale prices fell at the steepest pace in five months in September, while investor confidence in the country improved for the first time in four months, separate data revealed.

The euro reached as low as 0.9381 against the franc. If the currency falls further, it is likely to test support around the 0.92 region.

The euro fell to near a 2-week low of 0.8325 against the pound and a 4-day low of 162.34 against the yen, off its early highs of 0.8353 and 163.43, respectively. The currency is seen finding support around 0.82 against the pound and 158.00 against the yen.

The euro touched a 6-day low of 1.7875 against the kiwi. The currency may challenge support around the 1.74 level.

Against the loonie, the euro eased and was trading at 1.5031, down from an early multi-week high of 1.5096. The currency is likely to locate support around the 1.48 level.

In contrast, the euro edged up to 1.6266 against the aussie. The currency is poised to challenge resistance around the 1.67 level.

After falling to more than a 2-month low of 1.0884 against the greenback in the previous session, the euro moved up to 1.0916. Immediate resistance for the currency is seen around the 1.12 level.

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