Euro Climbs Before Key Risk Events
March 04 2024 - 7:10AM
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The euro was higher against its most major counterparts in the
European session on Monday, as investors awaited cues from the U.K.
Spring Budget, Fed Chair Jerome Powell's congressional testimony
and the interest rate decision from the European Central Bank.
Powell testifies Tuesday and Wednesday before House and Senate
committees, a semi-annual exercise.
Investors also await directional cues from this week's U.K.
Spring Budget and the interest rate decision from the European
Central Bank.
The European Central Bank is expected to freeze interest rates
again amid a complex economic landscape.
In economic news, a survey showed the Eurozone Sentix Investor
Confidence Index rose from -12.9 in February to -10.5 in March.
The score was the highest since April 2023. The reading was seen
at -10.8.
The euro advanced to near a 2-week high of 1.0866 against the
greenback and a 6-day high of 163.52 against the yen, off its early
lows of 1.0834 and 162.53, respectively. The next possible
resistance for the euro is seen around 1.12 against the greenback
and 167.00 against the yen.
The euro firmed to 4-day highs of 1.6676 against the aussie,
1.7817 against the kiwi and 1.4746 against the loonie, off its
previous lows of 1.6591, 1.7727 and 1.4681, respectively. The euro
is seen finding resistance around 1.70 against the aussie, 1.80
against the kiwi and 1.50 against the loonie.
The euro strengthened to 0.9621 against the franc, its highest
level since November 29, 2023. If the currency rises further, it
may find resistance around the 0.995 level.
In contrast, the euro fell to a 4-day low of 0.8551 against the
pound. Next key support for the euro is likely seen around the 0.82
level.
Euro vs CHF (FX:EURCHF)
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Euro vs CHF (FX:EURCHF)
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From May 2023 to May 2024