Euro Drops Amid Intensifying Conflict In Ukraine
01 March 2022 - 6:08PM
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The euro fell against its major rivals in the European session
on Tuesday, as Russian forces escalated conflict in Ukraine after
an initial round of ceasefire talks ended without any
agreement.
Russian military convoy containing hundreds of armoured
vehicles, tanks, towed artillery and logistics support vehicles is
heading towards Ukraine's capital Kyiv. Satellite images showed
that convoy stretched for about 40 miles.
A Russian artillery attack on a military base in the town of
Okhtyrka killed more than 70 Ukrainian soldiers.
Russian forces intensified shelling on key cities in Ukraine,
which include Kyiv, Kharkiv and Mariupol.
In a Geneva-based Conference on Disarmament, Ukraine foreign
minister Dmytro Kuleba accused Russia of committing war crimes and
requested a special meeting to address its attack on the
country.
The European currency touched 1.0240 against the franc, a level
unseen since April 2015. The euro may locate support around the
1.00 mark.
The euro depreciated to 5-day lows of 0.8327 against the pound
and 128.22 against the yen, off its early highs of 0.8367 and
129.24, respectively. The euro is seen facing support around 0.80
against the pound and 125.00 against the yen.
The euro weakened to a 4-month low of 1.5355 against the aussie,
3-month low of 1.6495 against the kiwi and a fresh 5-week low of
1.4155 against the loonie, following its prior highs of 1.5458,
1.6589 and 1.4227, respectively. The euro is poised to challenge
support around 1.52 against the aussie, 1.61 against the kiwi and
1.39 against the loonie.
Reversing from an early high of 1.1233 against the greenback,
the euro edged down to 1.1166. Should the euro slides further, 1.10
is likely seen as its next support level.
Looking ahead, at 8:00 am ET, German preliminary CPI for
February is scheduled for release.
Canada GDP data for the fourth quarter, U.S. ISM manufacturing
PMI for February and construction spending for January are set for
release in the New York session.
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