Euro Rises Ahead Of ECB Lagarde's Speech
February 26 2024 - 2:43AM
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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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