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Euro Declines Amid Suspension Of Russian Gas Supplies To Poland And Bulgaria

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The euro dropped against its major rivals in the European session on Wednesday, as Russia’s decision to halt gas supplies to Poland and Bulgaria indicated a ratcheting up of tensions with Europe.

Russian energy giant Gazprom has informed Poland and Bulgaria that it will halt gas supplies from today following their refusal to make payments in roubles.

Poland said that it is monitoring the situation and is prepared for various scenarios, including securing gas from other sources.

Weak earnings reports from the likes of Alphabet and Texas Instruments also dampened risk sentiment.

Investors are worried that a series of rate hikes by the U.S. Federal Reserve could derail growth and impact corporate profits.

Survey results from the market research group GfK showed that German consumer confidence is set to decline further to a new historic low in May.

The forward-looking consumer sentiment index declined more-than-expected to -26.5 in May from -15.7 in April. The expected score was -16.0.

The euro fell to 1.0585 against the greenback, its weakest level since April 2017. Next immediate support for the euro is seen around the 1.02 level.

The euro eased to 1.0218 against the franc and 0.8424 against the pound, off its early high of 1.0259 and near a 4-week high of 0.8467, respectively. The euro is likely to test support around 1.01 against the franc and 0.82 against the pound.

The euro slipped to a 5-day low of 1.4788 against the aussie and a 6-day low of 1.3587 against the loonie, from its early highs of 1.4942 and 1.3647, respectively. The euro is poised to find support around 1.45 against the aussie and 1.34 against the loonie.

The euro retreated to 1.6109 against the kiwi, from a 2-day high of 1.6228 seen in the Asian session. The euro may locate support around the 1.58 level.

The euro fell back to 135.30 against the yen, on track to pierce a multi-week low of 135.07 hit in the Asian session. On the downside, 133.00 is possibly seen as its next support level.

Looking ahead, U.S. wholesale inventories, advance goods trade balance and pending home sales, all for March, are scheduled for release in the New York session.

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