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Forex News: Euro Advances As Eurozone Sentix Investor Confidence Hits

Euro Advances As Eurozone Sentix Investor Confidence Hits 10-Year High

10/09/2017 - 06:23:00 (RTTNews)

(RTTNews) - The euro climbed against its most major counterparts in early European deals on Monday, as Eurozone investor confidence strengthened to a 10-year high in October and worries over the situation in Catalonia eased after protests in Spain against independence.

Survey results from think tank Sentix showed that the investor confidence index rose unexpectedly to 29.7 in October from 28.2 in September. The score was forecast to fall to 28.0.

The current situation index advanced to 41.8 from 39.8 in the previous month.

On Sunday, hundreds of thousands of pro-Spanish unity supporters marched through the streets of Barcelona to seek unity in Spain and chanted, "Catalonia is Spain!" .

The protest took place ahead of the address by Catalan president Carles Pugdemont in the regional parliament on Tuesday, when he would announce next steps on party's move.

Sentiment was also supported by a report showing that German industrial output grew 2.6 percent month-on-month in August, reversing a revised 0.1 percent fall in July.

The currency showed mixed performance in the Asian session. While it rose against the greenback and the franc, it fell against the yen and the pound.

The euro advanced to 1.1487 against the Swiss franc, off its early low of 1.1466. If the euro-franc pair extends rise, 1.16 is possibly seen as its next resistance level.

The single currency rose back to 1.1742 against the greenback, just few pips short of its early 4-day high of 1.1748. The euro is seen finding resistance around the 1.19 region.

Reversing from an early 4-day low of 131.87 against the yen, the euro bounced off to 132.26. The next possible resistance for the euro-yen pair is seen around the 134.00 zone.

The euro spiked up to 1.5148 against the aussie, its strongest since August 29.On the upside, 1.53 is possibly seen as the next resistance for the euro-aussie pair.

The euro edged up to 1.4725 against the loonie, from a low of 1.4693 hit at 5:00 pm ET. The euro is poised to challenge resistance around the 1.49 region.

On the flip side, the euro continued to be lower against the pound with the pair trading at 0.8928. Further weakness may take the euro to a support around the 0.88 region.

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