Euro Weakens As Ukraine Concerns Weigh
31 März 2022 - 01:00PM
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The euro was lower against its major rivals during European
deals on Thursday, as Russia continued attacks on Ukraine, despite
a promise to cut military activity in the capital Kyiv and the
northern city of Chernihiv.
Ukrainian President Volodymyr Zelensky said that his troops are
preparing for a renewed offensive in eastern Ukraine and cast doubt
about de-escalating fighting in major Ukrainian cities.
There has been heavy shelling in Irpin, near Kyiv, and
Chernihiv, and attacks intensified in the Donbas region.
U.S. said that Russian troops are repositioning in order to
refocus their efforts on other parts of Ukraine.
European stocks fell as hopes of de-escalation in Ukraine
conflict faded after Russia said that there was "no sign of a
breakthrough" in talks.
Peace talks between Russia and Ukraine will resume on Friday
following the meeting in Turkey on Tuesday.
Data from Destatis showed that German unemployment rate remained
unchanged in February.
The unemployment rate held steady at seasonally adjusted 3.1
percent in February, according to calculations based on the labor
force survey. In the same period last year, the rate was 3.9
percent.
The euro dropped to 2-day lows of 1.1068 against the greenback
and 0.8435 against the pound, off its early more than a 4-week high
of 1.1185 and more than a 3-month high of 0.8512, respectively. The
next possible support for the euro is seen around 1.08 against the
greenback and 0.82 against the pound.
The euro touched 3-day lows of 1.0226 against the franc and
134.68 against the yen, down from its early highs of 1.0325 and
136.84, respectively. The euro is seen finding support around 0.995
against the franc and 132.00 against the yen.
The euro retreated to 1.5950 against the kiwi and 1.4763 against
the aussie, following its prior 2-day high of 1.6084 and a 10-day
high of 1.4943, respectively. The euro is likely to test support
around 1.57 against the kiwi and 1.45 against the aussie.
The euro reached as low as 1.3860 against the loonie, after
rising to nearly a 2-week high of 1.3980 in the Asian session. Next
key support for the euro is seen around the 1.37 level.
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