Euro Rises; US Inflation Report In Focus
12 Diciembre 2023 - 12:42AM
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The euro recovered from its early lows against other major
currencies in the European session on Tuesday, as investors awaited
cues from U.S. inflation data later in the day and the Fed's
monetary policy announcement on Wednesday.
U.S. CPI data for November may show inflation still cooling but
staying well above the Fed's 2 percent annual target.
The Federal Reserve is widely expected to hold rates on
Wednesday, with the spotlight squarely on the central bank's dot
plot and summary economic projections as well as comments from
Chair Jerome Powell during his press conference.
In economic news, data from the think tank ZEW showed that
Germany's investor confidence strengthened to a nine-month high in
December despite the current budget crisis. The ZEW Indicator of
Economic Sentiment rose to 12.8 in December from 9.8 in November.
This was the highest score since March and also came in above
forecast of 8.8.
Investor confidence in the euro area also strengthened in
December, the survey showed. At 23.0 points, the economic sentiment
index gained 9.2 points from November.
The European currency traded lower against its major
counterparts in the Asian session today.
In the European trading now, the euro rose to nearly a 2-week
high of 0.8598 against the pound and a 5-day high of 1.0808 against
the U.S. dollar, from early lows of 0.8558 and 1.0761,
respectively. If the euro extends its uptrend, it is likely to find
resistance around 0.87 against the pound and 1.09 against the
greenback.
Moving away from an early 4-day low of 0.9435 against the Swiss
franc, the euro advanced to 0.9480. The euro may test resistance
near the 0.96 region.
The euro edged up to 157.30 against the yen, from an early low
of 156.50. On the upside, 161.00 is seen as the next resistance
level for the euro.
Against the Australia and the New Zealand dollars, the euro
edged up to 1.6402 and 1.7589 from early 4-day lows of 1.6322 and
1.7485, respectively. The next possible upside target levels for
the euro are seen around 1.66 against the aussie and 1.80 against
the kiwi.
The euro climbed to a 4-day high of 1.4664 against the Canadian
dollar, from an early low of 1.4593. The euro is seen finding
resistance around the 1.49 region.
Looking ahead, U.S. inflation data for November, U.S. Redbook
report and U.S. Federal budget statement for November are slated
for release in the New York session.
Euro vs CHF (FX:EURCHF)
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Euro vs CHF (FX:EURCHF)
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