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Euro Lower As EU Warns Of More Sanctions Against Russia

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The euro weakened against its major counterparts in the European session on Monday, as risk sentiment dampened after the European Union prepared to intensify sanctions against Russia for murdering civilians in Ukraine.

Ukrainian Foreign Minister Dmytro Kuleba said that mass executions of civilians in Bucha should be investigated by the International Criminal Court.

Germany said that the West is likely to impose more sanctions on Russia for committing “war crimes” in Ukraine.

German defence minister Christine Lambrecht said that the European Union must discuss a ban on Russian gas imports.

Investors await the Fed minutes from last month’s meeting, due to be released on Wednesday, for more clues about the future path of rate hikes.

Data from Destatis showed that German exports rebounded at a stronger-than-expected pace in February.

Exports grew 6.4 percent on a monthly basis, reversing a 3.0 percent fall in January. Shipments were forecast to climb 1.5 percent.

The euro dropped to 6-day lows of 1.1019 against the greenback and 0.8400 against the pound, off its prior highs of 1.1054 and 0.8431, respectively. The euro is poised to challenge support around 1.08 against the greenback and 0.82 against the pound.

The euro edged down to 135.07 against the yen and 1.0200 against the franc, pulling back from its previous highs of 135.68 and 1.0241, respectively. The next possible support for the euro is seen around 133.00 against the yen and 1.00 against the franc.

Reversing from its early highs of 1.4760 against the aussie and 1.3844 against the loonie, the euro depreciated to 6-day lows of 1.4645 and 1.3763, respectively. The euro is seen finding support around 1.44 against the aussie and 1.35 against the loonie.

The euro was down against the kiwi, at a 1-week low of 1.5893. On the downside, 1.56 is possibly seen as the next support level for the currency.

Looking ahead, Canada building permits and U.S. factory orders for February will be released in the New York session.

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