Euro Strengthens Ahead Of Eurogroup Meeting
24 April 2015 - 6:49PM
RTTF2
The euro climbed against its major rivals in early European
deals on Friday, ahead of the Eurozone finance ministers meeting in
Riga, where the key topic being Greece's progress in its reform
plan.
On the sidelines of EU summit in Brussels on Thursday, Greek
Prime Minister Alexis Tsipras urged German Chancellor Angela Merkel
to accelerate reform talks, so that an interim deal can be reached
by the end of April. Merkel described the talks as constructive and
said she would do everything to prevent a default of Greece.
Euro group chief Jeroen Dijsselbloem on Friday told that the
Eurozone leaders are determined to get a Greece deal soon, as time
is running out. Dijsselbloem downplayed hopes of deal at today's
meeting, even though he said the group would work hastily to get a
deal.
In economic front, German business confidence improved for the
sixth consecutive month in April, reports said citing survey
results from Munich-based Ifo Institute.
The business confidence index rose more-than-expected to 108.6
in April from 107.9 in March. It was forecast to rise to 108.4.
The euro was steady against its major opponents in Asian
deals.
In European trading, the euro hit a 4-day high of 0.7211 versus
the pound, while approaching 1.0896 against the greenback, its
strongest since April 7. The next possible resistance for the euro
may be located around 0.73 against the pound and 1.10 against the
greenback.
The single currency advanced to more than a 2-week high of
129.94 against the Japanese yen, compared to yesterday's closing
value of 129.41. If the euro extends rise, 135.00 is possibly seen
as its next resistance level.
The euro edged up to 1.0377 against the franc, from an early low
of 1.0317. The euro is likely to challenge resistance around the
1.05 mark.
The euro spiked up to 1.4380 against the NZ dollar, its highest
since April 8. Further uptrend may take the euro to a resistance
around the 1.50 region.
The single currency climbed to 3-day highs of 1.3954 against the
aussie and 1.3217 against the loonie, reversing from its previous
lows of 1.3877 and 1.3107, respectively. The common currency is
poised to rest resistance around 1.40 against the aussie and 1.35
against the loonie.
Looking ahead, U.S. durable goods orders data for March is set
to be published in the New York session.
At 10:30 am ET, Bank of Canada Governor Stephen Poloz will
participate in a panel discussion at the Export-Import Bank of the
United States in Washington DC.
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