Euro Falls Amid Russian Attacks On Ukraine Cities, Fed Concerns
(RTTNews) - The euro declined against its major counterparts in the European session on Monday, weighed by concerns over aggressive interest rate hikes by the U.S. Federal Reserve and an escalation of tensions between Russia and Ukraine.
Better-than-expected U.S. jobs data released on Friday cemented hopes of further rate rises from the Fed.
Futures pricing now indicates that the Fed will raise rates by 75 basis points for a fourth straight time next month.
Fed Bank of New York President John Williams said last week that rates need to rise to around 4.5 percent over time to bring down inflation quickly.
Russia launched a series of strikes on many cities in Ukraine including the capital Kyiv in response to an explosion on a key Crimea bridge.
The euro fell to a 10-day low of 140.90 against the yen and a 1-week low of 0.9660 against the franc, down from its early highs of 141.80 and 0.9695, respectively. The euro is seen finding support around 135.00 against the yen and 0.94 against the franc.
The euro weakened to near 2-week lows of 0.9682 against the greenback and 1.3293 against the loonie, off its early highs of 0.9753 and 1.3386, respectively. The currency is likely to find support around 0.93 against the greenback and 1.30 against the loonie.
The euro was down against the pound, at 0.8745. Against the kiwi, it retreated to 1.7305 from Asian session's 5-day high of 1.7410. The next possible support for the euro is seen around 0.86 against the pound and 1.64 against the kiwi.
In contrast, the euro climbed to a 6-day high of 1.5406 against the aussie. If the euro rises further, it may challenge resistance around the 1.57 level.
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