The euro dropped against its major rivals in the European session on Thursday amid risk aversion, as a spike in commodity prices amid Ukraine conflict clouded the region's growth outlook.

Oil prices continued to soar as Russia's invasion of Ukraine entered its eighth day and Britain introduced additional legislation to implement further financial and trade sanctions on Russia.

In Ukraine, Russian forces seized control of Kherson, while 34 civilians were killed in the past 24 hours in Kharkiv region.

At least four explosions have been reported in the capital Kyiv and the port city of Mariupol has been surrounded by Russian troops.

Russian Foreign Minister Sergei Lavrov said that Moscow would continue its military operation in Ukraine until it is over.

In economic news, final survey results from IHS Markit showed that the eurozone private sector activity rebounded at the fastest pace since last September, following January's slowdown.

The composite output index rose to 55.5 in February from 52.3 in the previous month. The flash reading was 55.8.

The euro weakened to 128.17 against the yen and 1.1072 against the greenback, following its prior highs of 128.51 and 1.1122, respectively. The euro is seen facing support around 125.00 against the yen and 1.08 against the greenback.

Reversing from an early high of 1.0236 against the franc, the euro edged down to 1.0186. Should the euro slides further, 0.99 is likely seen as its next support level.

The euro depreciated to 1.3966 against the loonie, a level unseen since February 2017. It touched 1.5156 against the aussie, setting more than a 4-year low. The euro is poised to challenge support around 1.37 against the loonie and 1.50 against the aussie.

The euro declined to its lowest level since November 26 against the kiwi, at 1.6340. The euro may locate support around the 1.61 mark.

The euro hovered at more than a 2-year low of 0.8276 against the pound. Next likely support for the currency is seen around the 0.81 level.

Looking ahead, U.S. weekly jobless claims for the week ended February 26, ISM non-manufacturing PMI for February and factory orders for January will be released in the New York session.

At 10 am ET, Federal Reserve Chair Jerome Powell will testify on the semi-annual monetary policy report before the Senate Banking Committee in Washington DC.

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