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Forex News: Euro Advances As German Retail Sales Improve

Euro Advances As German Retail Sales Improve

05/30/2018 - 04:18:00 (RTTNews)

(RTTNews) - The euro climbed against its major counterparts in early European deals on Wednesday, as a data showed that German retail sales expanded for the first time in five months in April.

Figures from Destatis showed that retail sales grew 2.3 percent in April from March, when trade decreased by revised 0.4 percent. This was the biggest growth since October 2016. Economists had forecast a moderate increase of 0.5 percent.

On a yearly basis, retail turnover advanced 1.2 percent after climbing 1.7 percent a month ago.

The European Central Bank policy maker Sabine Lautenschlaeger on Tuesday said that "June might be the month to decide once and for all to gradually end net asset purchases by the end of this year."

"A first hike around the middle of 2019 is not entirely out of the ballpark," she added.

That said, the political turmoil in Italy and its impact on the long-term health of the euro zone kept the gains in check.

Eurozone economic sentiment and business confidence data for May will be released at 5:00 am ET.

The currency has been trading in a positive territory against its major counterparts in the Asian session.

The euro climbed to 1.1505 against the franc and 1.1587 against the greenback, off its early lows of 1.1424 and 1.1519, respectively. The next possible resistance for the euro is seen around 1.16 against the franc and 1.17 against the greenback.

The euro reversed from its early lows of 0.8698 against the pound and 124.99 against the yen, rising to 0.8729 and 126.13, respectively. The euro is seen finding resistance around 0.89 against the pound and 128.00 against the yen.

The 19-nation currency edged up to 1.6758 against the kiwi, 1.5441 against the aussie and 1.5109 against the loonie, after having fallen to 1.6677, 1.5365 and 1.5010, respectively in early deals. The euro is likely to find resistance around 1.69 against the kiwi, 1.56 against the aussie and 1.52 versus the loonie.

Looking ahead, Eurozone economic sentiment index for May is due shortly.

At 8:00 am ET, German preliminary CPI for May is scheduled for release.

In the New York session, U.S. ADP private payrolls data for May, GDP data for the first quarter, wholesale inventories and advance goods trade balance report for April, along with Canada current account data for the first quarter and industrial product price index for April are set for release.

At 10:00 am ET, the Bank of Canada announces its decision on interest rates. The BoC is widely expected to keep borrowing costs unchanged at 1.25 percent.

The Swiss National Bank Chairman Thomas Jordan will give a speech titled "Innovation and Entrepreneurship: Success Factors in a Changing Economic World" at the De Vigier Foundation Awards Ceremony, in Switzerland at 10:45 am ET.

The Federal Reserve's Beige book report will be out at 2:00 pm ET.

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