Euro Lower Against Most Majors
October 22 2024 - 9:45AM
RTTF2
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.
Euro vs CAD (FX:EURCAD)
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