Euro Higher As Eurozone Economic Growth Accelerates
30 April 2019 - 07:02PM
RTTF2
The euro spiked higher against its major counterparts in the
European session on Tuesday, as Eurozone's quarterly economic
growth rate doubled in the first three months of the year, erasing
concerns about economic slowdown witnessed last year.
Preliminary flash data from the statistical office Eurostat
showed that gross domestic product grew 0.4 percent from the fourth
quarter of 2018, when the euro area economy expanded 0.2
percent.
Economists had forecast 0.3 percent growth for the first
quarter.
The pace of growth was the strongest since the second quarter of
2018, when the economy expanded at the same rate.
Separate data showed that Eurozone's unemployment rate dropped
in March to its lowest level in more than a decade.
The jobless rate fell to 7.7 percent from 7.8 percent seen in
each of the previous two months. Economists had expected the rate
to remain steady in March.
The currency showed mixed trading against its major opponents in
the Asian session. While it held steady against the greenback and
the franc, it fell against the yen. Against the pound, it rose. The
euro strengthened to a 6-day high of 1.1225 against the greenback
from Monday's closing value of 1.1185. The euro is seen finding
resistance around the 1.14 level.
The single currency that closed yesterday's trading at 1.1404
against the franc appreciated to a 6-day high of 1.1442. Next key
resistance for the euro is seen around the 1.16 level.
The euro edged up to 125.07 against the yen, after having
dropped to 124.47 at 3:30 am ET. On the upside, 127.00 is possibly
seen as the next resistance level for the euro.
The euro firmed to a 6-day high of 1.5102 against the loonie,
compared to 1.5051 hit late New York Monday. Should the euro
continues its rise, 1.52 is possibly seen as its next resistance
level.
Reversing from a low of 1.5829 touched at 8:45 pm ET, the euro
reversed direction and climbed to a 6-day high of 1.5932 against
the aussie. The euro is poised to test resistance around the 1.61
level.
After dropping to 1.6744 against the kiwi at 8:45 pm ET, the
euro snapped back, touching a 5-day peak of 1.6825. The next
possible resistance for the euro is seen around the 1.70 level.
On the flip side, the euro declined to near a 3-week low of
0.8615 against the pound, from a 5-day high of 0.8650 seen at 5:45
pm ET. Further downtrend may take the euro to a support around the
0.84 level.
Looking ahead, U.S. S&P/Case-Shiller home price index for
February, pending home sales for March and consumer confidence
index for April are due to be released in the New York session.
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