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Forex News: Euro Advances Amid Risk Appetite Ahead Of Powell's

Euro Advances Amid Risk Appetite Ahead Of Powell's Speech

08/24/2018 - 06:54:00 (RTTNews)

(RTTNews) - The euro strengthened against its most major opponents in the European session on Friday, as investors looked ahead to U.S. Federal Reserve Chairman Jerome Powell's big Jackson Hole speech later today for Fed views on Turkey's currency crisis and the U.S.-Chinese trade spat.

The Fed has penciled in two more interest rate hikes this year despite risks from trade conflicts and emerging market turmoil.

Meanwhile, U.S.-China trade talks ended without breakthrough, raising concerns that a prolonged trade spat could hurt global growth.

In economic news, fresh data from Destatis showed the German economy expanded at a faster pace as initially estimated in the second quarter on domestic demand.

The largest euro area economy grew 0.5 percent sequentially, following the 0.4 percent increase in the first quarter. The rate came in line with the estimate released on August 14.

The currency has been trading in a positive territory against its major opponents in the Asian session. The euro was trading higher at 1.1578 against the greenback, up from a low of 1.1535 seen at 6:15 pm ET. The next possible resistance for the euro is seen around the 1.17 area.

The 19-nation currency strengthened to 128.99 against the yen, its highest since August 9. If the euro rises further, it may find resistance around the 130.00 area.

The euro rose back to 0.9026 against the pound, a pip short of a new 2-week peak of 0.9027 hit at 1:35 am ET. On the upside, 0.92 is likely seen as the next resistance level for the euro.

The single currency drifted higher to more than a 2-week high of 1.5146 against the loonie, after having fallen to 1.5090 at 5:00 pm ET. The euro is poised to find resistance around the 1.53 level.

On the flip side, the euro retreated to 1.1378 against the franc, from a high of 1.1407 touched at 1:30 am ET. The euro is seen finding support around the 1.10 level.

Looking ahead, U.S. durable goods orders for July are due in the New York session.

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