Euro Rallies in the middle of Ukraine Peace Plan

Canbera (DPA -Afx) – The euro reaffirmed against its main counterparts on Monday, amid the possibility of a higher defense expense in Europe to deter Russian aggression.

European leaders celebrated a summit in London on Sunday to plan a possible peace agreement for Ukraine.

The leaders promised to boost military spending during the meeting in London.

Eurozone inflation decreased slightly in February, which partially reflects the deceleration in the inflation of the services, but the rate remained above the 2 percent target, according to Eurostat Flash data.

The harmonized index of consumption prices recorded an annual growth of 2.4 percent after the 2.5 percent increase in January. The rate was expected to be facilitated to 2.3 percent.

The euro advanced to a maximum of 5 days of 1,0503 against Greenback, about 2 weeks of 158.47 against YEN and a maximum of 10 days of 0.9435 against Franc. The currency is seen by resistance around 1.09 against Greenback, 160.00 against Yen and 0.97 against Franc.

The euro was strengthened to a maximum of 5 years of 1,8674 against the Kiwi, a maximum of several weeks of 1,5159 against the Loonie and a maximum of 7 months of 1,6824 against the Australian. The currency is prepared to challenge the resistance around 1.88 against the Kiwi, 1.53 against the Loonie and 1.70 against the Australian.

In contrast, the euro fell to 0.8247 against La Libra, from an early maximum of 4 days of 0.8268. The currency is likely to support around the level of 0.80.

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