EURNZD Euro vs New Zealand Dollar

The euro was higher against its most major counterparts in the European session on Tuesday, following a data showing an acceleration in the euro area inflation in July to its highest since December 2012.

Preliminary data from Eurostat showed that the harmonized index of consumer prices rose 2.1 percent year-on-year in July, after climbing 2 percent in June. Economists had expected the rate to remain unchanged.

Core inflation, excluding energy, food, alcohol and tobacco, accelerated to 1.1 percent in July from 0.9 percent in June. Economists had expected an increase to 1 percent.

The core figure was 1.1 percent in May.

Meanwhile, separate data showed that the euro area economy grew at a slower pace in the second quarter.

Gross domestic product grew 0.3 percent from the first quarter, when the economy expanded 0.4 percent. A similar slower growth was last seen in the second quarter of 2016.

European shares were mixed as investors digested the latest batch of earnings and mixed economic reports.

The Federal Reserve's monetary policy announcement is due on Wednesday, with traders likely to keep a close eye on the accompanying statement for clues about the outlook for rates.

The Bank of England is widely expected to increase rates by a quarter point when it concludes its policy meeting on Thursday.

The currency traded mixed against its major counterparts in the Asian session. While it held steady against the greenback and the pound, it fell against the franc. Against the yen, it rose.

The single currency hovered at a 5-day high of 1.1731 against the greenback, compared to 1.1705 hit late New York Monday. If the euro rises further, 1.19 is likely seen as its next resistance level.

The 19-nation currency appreciated to 130.85 against the Japanese yen, its strongest since July 20. The euro is seen finding resistance around the 132.00 mark.

The Bank of Japan retained its massive monetary stimulus and announced its plan to bring flexibility in bond operations.

The bank said it intends to maintain the current extremely low levels of short and long-term interest rates for an extended period of time.

Having fallen to near a 4-week low of 1.1561 against the Swiss franc at 9:15 pm ET, the euro reversed direction and climbed to 1.1589. On the upside, 1.18 is possibly seen as the next resistance level for the euro.

The euro appreciated to a weekly high of 1.7209 against the kiwi, from a low of 1.7137 hit at 8:30 pm ET. The next possible resistance for the euro is seen around the 1.73 level.

The euro bounced off to 1.5806 against the aussie, from a low of 1.5758 seen at 1:45 am ET. The euro is poised to locate resistance around the 1.60 level.

Data from the Australian Bureau of Statistics showed that Australia's building approvals increased at a faster-than-expected pace in June, after falling in the previous two months.

The seasonally-adjusted estimate for total dwellings approvals rose notably by 6.4 percent month-over-month in June, reversing a 2.5 percent fall in May.

Meanwhile, the euro held steady against the loonie, after rising to a 5-day high of 1.5326 at 10:15 pm ET. At Monday's close, the pair was worth 1.5258.

The euro eased back to 0.8910 against the pound, from an 8-day high of 0.8928 touched at 2:45 am ET. The next likely support for the euro is seen around the 0.88 level.

Survey from GfK showed that the U.K. consumer confidence weakened further in July, with an index score of -10.

That missed forecasts for a reading of -9, which would have been unchanged from the June reading.

Looking ahead, Canada GDP data for May and industrial product price index for June, U.S. personal income and spending data for the same month, S&P/Case-Shiller home price index for May and consumer confidence for July are scheduled for release in the New York session.

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