Euro Strengthens Amid Risk Appetite
11 Marzo 2019 - 01:09AM
RTTF2
The euro climbed against its major counterparts in the European
session on Monday, as European shares rose after media reports
suggesting merger talks of Commerzbank with rival Commerzbank
helped investors shrug off global growth worries.
Traders also reacted positively to comments from Fed Chair
Jerome Powell that interest rates are currently "appropriate" and
"roughly neutral.
After Prime Minister Theresa May failed to secure significant
concessions from the European Union in the latest round of talks,
and with just two cabinet ministers backing her, she is facing
increasing pressure to resign, the Telegraph reported.
It is believed that Tuesday's vote on her Brexit deal could
result in an even worse humiliation.
Preliminary data from the Federal Statistical Office showed that
Germany's industrial production unexpectedly decreased in January
and exports were unchanged, defying forecasts for a fall.
Industrial production decreased 0.8 percent month-on-month in
January, while economists had predicted a 0.5 percent gain.
December's outcome was revised from a 0.4 percent decline to a
0.8 percent gain.
The currency showed mixed trading against its major counterparts
in the Asian session. While it rose against the franc and the yen,
it held steady against the greenback and the pound.
The euro strengthened to a 4-day high of 1.1258 against the
greenback, from a low of 1.1223 hit at 8:30 pm ET. The euro is seen
finding resistance around the 1.14 level.
Having fallen to 124.48 against the yen at 8:45 pm ET, the euro
reversed direction and appreciated to a 4-day high of 125.20. If
the euro extends rise, 126.00 is likely seen as its next resistance
level.
Data from the Bank of Japan showed that Japan M2 money stock
rose 2.4 percent on year in February - coming in at 1,010.1
trillion yen.
That was in line with expectations and up from the downwardly
revised 2.3 percent in January.
The European currency firmed to a 2-week high of 0.8676 against
the pound and held steady thereafter. The next key resistance level
for the euro is seen around the 0.88 level.
The euro that ended last week's deals at 1.1320 against the
Swiss franc climbed to a 4-day high of 1.1345. The euro is likely
to challenge resistance around the 1.16 area.
The euro edged up to 1.5102 against the loonie, from Friday's
closing value of 1.5071. The euro is poised to challenge resistance
around the 1.51 area.
Looking ahead, U.S. retail sales for January and business
inventories for December are due in the New York session.
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