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Forex News: Euro Advances After Merkel Reaches Compromise Deal On

Euro Advances After Merkel Reaches Compromise Deal On Migration

07/03/2018 - 05:50:00 (RTTNews)

(RTTNews) - The euro strengthened against its major counterparts in the European session on Tuesday, after German Chancellor Angela Merkel and her coalition partners reached a compromise deal to end a standoff over migration policy.

After hours of negotiations, the Christian Social Union and Christian Democrats agreed to set up transit centers on the German side of the border with Austria. That would allow German authorities to speedily process applicants and, if they are rejected, repatriate them to their EU arrival country if that state consents.

"We want on the one hand to set up transit centres in Germany and from there carry out returns in agreement with countries from which asylum seekers come and where they are already registered," Merkel told reporters.

Horst Seehofer, leader of Bavaria's Christian Social Union, said that he would continue in his post following the compromise deal.

Data from Eurostat showed that Eurozone retail sales remained unchanged in May as the increase in food sales was offset by a decline in non-food products turnover.

Sales were expected to gain 0.1 percent, reversing a 0.1 percent fall logged in April.

The currency traded mixed against its major opponents in the Asian session. While it rose against the yen and the franc, it held steady against the pound and the greenback.

The euro rose to 1.1673 against the greenback, from a low of 1.1621 hit at 9:45 pm ET. The euro is poised to challenge resistance around the 1.18 level.

The single currency advanced to 129.56 against the yen, its strongest since June 14. The euro is seen finding resistance around the 131.00 level.

Data from the Bank of Japan showed that Japan monetary base advanced 7.4 percent on year in June, coming in at 493.363 trillion yen.

That follows the 8.1 percent gain in May.

The 19-nation currency climbed to 4-day highs of 1.1585 against the franc and 1.5364 against the loonie, reversing from its early lows of 1.1553 and 1.5337, respectively. The next likely resistance for the euro is seen around 1.17 against the franc and 1.55 against the loonie.

On the flip side, the euro dropped to 0.8833 against the pound, from a high of 0.8862 hit at 9:45 pm ET. If the euro continues its fall, 0.87 is possibly seen as its next support level.

Survey data from IHS Markit and Chartered Institute of Procurement & Supply showed that the UK construction output grew at the fastest pace in seven months in June.

The construction Purchasing Managers' Index rose to 53.1 in June from 52.5 in May. The latest reading pointed to the sharpest rise in construction output since November 2017.

The common currency retreated to 1.7299 against the kiwi and 1.5762 against the aussie, from its early 7-month high of 1.7378 and near a 2-month high of 1.5888, respectively. On the downside, 1.71 and 1.56 are possibly seen as the next support levels for the euro against the kiwi and the aussie, respectively.

Looking ahead, U.S. factory orders and durable goods orders for May will be out in the New York session.

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