EUR/USD Drops Below 1.3360 on Geopolitical Risks

The euro held a three-day decline before data today that may show growth in the region weakened and inflation slowed, supporting the case for additional European Central Bank stimulus.

The 18-nation currency traded near an almost nine-month low against the yen on prospects Russia’s conflict with Ukraine will hurt growth in the region. Ukraine’s hryvnia closed near a record low. The New Zealand dollar held a gain from yesterday after a report showed retail sales increased last quarter by more than economists estimated.

“Europe is at the epicenter of the geopolitical risks, so investors are avoiding European currencies,” said Yuki Sakasai, a foreign-exchange strategist at Barclays Plc in New York. “The economic data out of the euro area continues to be weak. The euro looks heavy amid concerns about growth prospects and expectations for additional ECB easing.”


Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.