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Euro Weakens As Ukraine Concerns Weigh

The euro was lower against its major rivals during European deals on Thursday, as Russia continued attacks on Ukraine, despite a promise to cut military activity in the capital Kyiv and the northern city of Chernihiv.

Ukrainian President Volodymyr Zelensky said that his troops are preparing for a renewed offensive in eastern Ukraine and cast doubt about de-escalating fighting in major Ukrainian cities.

There has been heavy shelling in Irpin, near Kyiv, and Chernihiv, and attacks intensified in the Donbas region.

U.S. said that Russian troops are repositioning in order to refocus their efforts on other parts of Ukraine.

European stocks fell as hopes of de-escalation in Ukraine conflict faded after Russia said that there was “no sign of a breakthrough” in talks.

Peace talks between Russia and Ukraine will resume on Friday following the meeting in Turkey on Tuesday.

Data from Destatis showed that German unemployment rate remained unchanged in February.

The unemployment rate held steady at seasonally adjusted 3.1 percent in February, according to calculations based on the labor force survey. In the same period last year, the rate was 3.9 percent.

The euro dropped to 2-day lows of 1.1068 against the greenback and 0.8435 against the pound, off its early more than a 4-week high of 1.1185 and more than a 3-month high of 0.8512, respectively. The next possible support for the euro is seen around 1.08 against the greenback and 0.82 against the pound.

The euro touched 3-day lows of 1.0226 against the franc and 134.68 against the yen, down from its early highs of 1.0325 and 136.84, respectively. The euro is seen finding support around 0.995 against the franc and 132.00 against the yen.

The euro retreated to 1.5950 against the kiwi and 1.4763 against the aussie, following its prior 2-day high of 1.6084 and a 10-day high of 1.4943, respectively. The euro is likely to test support around 1.57 against the kiwi and 1.45 against the aussie.

The euro reached as low as 1.3860 against the loonie, after rising to nearly a 2-week high of 1.3980 in the Asian session. Next key support for the euro is seen around the 1.37 level.

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