Euro Advances Amid Risk Appetite
25 January 2019 - 4:45PM
RTTF2
The euro climbed against its major counterparts in early
European deals on Friday, as European shares rose following
positive lead from Asia, as investors braced for U.S.-China trade
talks scheduled for next week and cheered positive news on the
Brexit front.
Investors heaved a sigh of relief after U.S. Treasury Secretary
Steven Mnuchin said he saw progress in talks and currency issues
will remain part of the discussions at a meeting scheduled for next
week.
Survey results from the Ifo Institute showed that Germany's Ifo
business confidence indicator dropped at a faster-than-expected
pace in January and fell below 100 for the first time since May
2016.
The Ifo business climate index for Germany dropped to 99.1 from
101 in December. Economists had expected the reading to ease to
100.6.
The currency traded mixed against its major counterparts in the
Asian session. While it rose against the greenback and the yen, it
dropped against the pound. Against the franc, it held steady.
The euro climbed to 0.8665 against the pound and 1.1288 against
the franc, from its early 8-month low of 0.8618 and a 10-day low of
1.1257, respectively. The euro is seen finding resistance around
0.88 against the pound and 1.14 against the franc.
Reversing from its early lows of 1.1300 against the greenback
and 123.79 against the yen, the euro edged up to 1.1334 and
124.52,respectively. On the upside, 1.15 and 126.00 are possibly
seen as the next resistance levels for the euro against the
greenback and the yen, respectively.
The euro bounced off to 1.5963 against the aussie, 1.6741
against the kiwi and 1.5099 against the loonie, from its early lows
of 1.5921 and 1.6700 and a 4-day low of 1.5068, respectively. The
next possible resistance for the euro is seen around 1.61 against
the aussie, 1.69 against the kiwi and 1.53 against the loonie.
Looking ahead, U.S. trade data for November, retail sales,
building permits and housing starts for December are scheduled for
release in the New York session.
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