Euro Rallies Amid Ukraine Peace Plan
2025-03-01
3069
(fxcue news) - The euro firmed against its major counterparts on Monday, amid the prospect of higher defense spending in Europe to deter Russian aggression.
European leaders held a summit in London on Sunday to plan a potential peace deal for Ukraine.
The leaders pledged to boost military spending during the meeting in London.
Eurozone inflation eased slightly in February partly reflecting the slowdown in services inflation but the rate remained above the 2 percent target, flash data from Eurostat showed.
The harmonized index of consumer prices logged an annual growth of 2.4 percent after rising 2.5 percent in January. The rate was expected to ease to 2.3 percent.
The euro advanced to a 5-day high of 1.0503 against the greenback, near 2-week high of 158.47 against the yen and a 10-day high of 0.9435 against the franc. The currency is seen finding resistance around 1.09 against the greenback, 160.00 against the yen and 0.97 against the franc.
The euro strengthened to a 5-year high of 1.8674 against the kiwi, multi-week high of 1.5159 against the loonie and a 7-month high of 1.6824 against the aussie. The currency is poised to challenge resistance around 1.88 against the kiwi, 1.53 against the loonie and 1.70 against the aussie.
In contrast, the euro fell to 0.8247 against the pound, from an early 4-day high of 0.8268. The currency is likely to face support around the 0.80 level.
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