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Forex News: Euro Weakens As European Stocks Drop

Euro Weakens As European Stocks Drop

01/10/2022 - 06:35:00 (RTTNews)

(RTTNews) - The euro declined against its most major counterparts in European deals on Monday, as European stocks fell ahead of U.S. consumer inflation data that is expected to raise hopes for a Fed rate hike in March.

The CPI is expected to reach a four-decade high of 7 percent in December from 6.8 percent in November.

Fed Chair Jerome Powell will testify before the Senate Banking Committee on Tuesday on his nomination for the post.

Friday's jobs data showing a drop in the jobless rate and faster wage growth justified the Fed's move for a faster normalization of monetary policy.

Concerns about the rapid spread of the Omicron coronavirus variant also weighed on the currency. Global infections topped 300 million.

The euro dropped to 1.1321 against the greenback and 130.93 against the yen, down from its early high of 1.1360 and a 4-day high of 131.37, respectively. The euro is seen finding support around 1.11 against the greenback and 127.5 against the yen.

The euro was down at 4-day lows of 1.5732 against the aussie and 1.6706 against the kiwi, off its prior highs of 1.5831 and 1.6781, respectively. Next key support for the euro is seen around 1.54 against the aussie and 1.64 against the kiwi.

The euro fell to 1.4284 versus the loonie, its lowest level since December 8. On the downside, 1.40 is likely seen as its next support level.

The European currency touched a 5-day low of 0.8335 against the pound, from a high of 0.8360 seen at 6:00 pm ET. The euro is likely to test support around the 0.82 level, if it drops further.

The euro, however, rose to 1.0443 against the franc, after falling to 1.0423 at 5 pm ET. The euro is poised to target resistance around the 1.07 mark.

Looking ahead, U.S. wholesale inventories for November will be published in the New York session.

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