The euro fell briefly against its most major opponents in the European session on Monday, after a media report that German Chancellor Angela Merkel would not seek re-election for the role of CDU party chair in December.
Merkel is planning to step aside from the leadership bid at a conference in December, following a poor performance by the party in Hesse elections on Sunday, German weekly Der Spiegel reported.
CDU sources said that Merkel would remain in her post as chancellor for now.
In Hesse election, the CDU party got 27 percent of the vote, down 11.3 percentage points since the last election in 2013.
Merkel is scheduled to give a press conference at 1 pm local time in Berlin.
The euro dropped to 0.8869 against the pound, 127.25 against the yen and 1.1361 against the greenback, from its early highs of 0.8893, 127.77 and 1.1413, respectively. The euro is likely to find support around 0.87 against the pound, 125.00 against the yen and 1.12 against the greenback.
The single currency declined to near a 4-week low of 1.6029 against the aussie, from a high of 1.6079 hit at 10:15 pm ET. The euro is seen finding support around the 1.58 region.
Extending early slide, the euro fell to a 10-day low of 1.7374 against the kiwi, reversing from a high of 1.7483 hit at 10:15 pm ET. Next key support for the euro is seen around the 1.70 area.
Reversing from an early 5-day high of 1.4956 against the loonie, the euro declined to 1.4896. If the euro falls further, it may challenge support around the 1.47 level.
Looking ahead, U.S. personal income and spending data for September are due in the New York session.
The material has been provided by InstaForex Company -
www.instaforex.com