Euro Rises Ahead Of ECB Lagarde's Speech
(RTTNews) - The euro strengthened against other major currencies in the European session on Monday, as traders turned their attention towards the ECB President Christine Lagarde's speech later on the day.
European Central Bank president Christine Lagarde will speak in a plenary debate on the ECB Annual Report 2022 in Strasbourg, France later today.
U.S. PCE numbers and Eurozone inflation data due this week may also offer important clues on the timing and pace of interest-rate cuts in the U.S. and Europe.
Friday, ECB's Yannis Stournaras ruled out the possibility of rate cuts in March.
The euro held steady against its major rivals in the Asian session today.
In the European trading now, the euro rose to 4-day highs of 0.8558 against the pound and 1.0855 against the Swiss franc, from early lows of 0.8537 and 1.0812, respectively. If the euro extends its uptrend, it is likely to find resistance around 0.86 against the pound and 1.09 against the greenback.
Against the Swiss franc, the euro climbed to nearly a 3-month high of 0.9549 from an early low of 0.9532. On the upside, 0.96 is seen as the next resistance level for the euro.
Moving away from an early 4-day low of 162.56 against the yen, the euro advanced to nearly a 3-month high of 163.52. The euro may test resistance around the 164.00 region.
Looking ahead, U.S. building permits for January, Canada manufacturing and wholesale sales data for January, U.S. new home sales data for January and Dallas Fed manufacturing index for February are slated for release in the New York session.
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