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Forex News: Euro Advances As Italy's Conte Granted Mandate To

Euro Advances As Italy's Conte Granted Mandate To Form Govt.

08/29/2019 - 06:58:00 (RTTNews)

(RTTNews) - The euro strengthened against its most major counterparts in the European session on Thursday, as Italian President Sergio Mattarella gave the recently resigned premier, Giuseppe Conte, a mandate to form a new government with the center-left Democratic Party.

Conte will choose his Cabinet in the coming days, which will be ratified by the President.

The Democratic Party and Five Star Movement reached an agreement on Wednesday to form a new coalition government, following tense talks after the breakdown of the previous coalition government last week.

The new coalition still requires approval from Parliament in a vote of confidence.

Trade concerns reduced after China indicated it won't immediately retaliate against new U.S. tariffs.

"China has ample means for retaliation, but thinks the question that should be discussed now is about removing the new tariffs to prevent escalation of the trade war," Ministry of Commerce spokesman Gao Feng reportedly said in Beijing today.

Significantly, the comments came a day after the Trump administration officially stamped its extra 5 percent tariff on $300 billion in Chinese imports.

Survey data from European Commission showed that Eurozone economic confidence improved unexpectedly in August.

The economic sentiment index rose to 103.1 in August from 102.7 in July, while the reading was forecast to fall to 102.3.

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

The euro gained to 0.9094 against the pound, up from Wednesday's closing value of 0.9069. If the euro rises further, 0.92 is likely seen as its next resistance level.

The euro appreciated to 1.0898 against the franc, from a 2-day low of 1.0861 hit at 10:30 pm ET. On the upside, 1.13 is likely seen as the next resistance level for the euro.

The single currency strengthened to a 2-day high of 117.77 against the yen, compared to yesterday's closing value of 117.55. The euro is poised to find resistance around the 120.00 level.

Data from the Cabinet Office showed that Japan's consumer confidence weakened to the lowest level in nearly five-and-a-half years in August.

The consumer confidence index fell to a seasonally adjusted 37.1 in August from 37.8 in July. A similar lower reading was last seen in April 2014.

On the flip side, the euro weakened to a 6-day low of 1.1070 against the greenback from yesterday's closing quote of 1.1077. The currency is likely to find support around the 1.09 level.

The euro declined to a 2-day low of 1.4702 against the loonie, following an advance to 1.4760 at 9:30 pm ET. The euro is seen finding support around the 1.46 level.

The common currency reversed from its early 3-day highs of 1.6502 against the aussie and 1.7573 against the kiwi, edging lower to 1.6401 and 1.7442, respectively. The next possible support levels for the euro are seen around 1.61 against the aussie and 1.71 against the kiwi.

Looking ahead, U.S. weekly jobless claims for the week ended August 24, wholesale inventories for July and GDP data for the second quarter are slated for release in the New York session.

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