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Forex News: Euro Advances On US-China Trade Deal Hopes

Euro Advances On US-China Trade Deal Hopes

03/28/2019 - 07:12:00 (RTTNews)

(RTTNews) - The euro climbed against its major counterparts in the European session on Thursday amid risk appetite, as indications of progress in U.S.-China trade talks helped investors shrug off uncertainty over Brexit as well as renewed concerns over slowing growth.

Reuters said citing U.S. officials that there has been progress on all fronts under discussion, though no definite timetable to reach a final deal was laid out.

Elsewhere, the Brexit process remains in deadlock after MPs, who have seized control of the parliamentary timetable from the government, failed to rally behind any single option.

Survey data from the European Commission showed that Eurozone's economic sentiment deteriorated at a faster than expected pace in March, and for the ninth month in row.

The economic sentiment index fell to 105.5 from 106.2 in February. Economists had expected a score of 105.9.

The weakening was led by industry and services.

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

The euro rose to 1.1214 against the Swiss franc, reversing from a low of 1.1184 seen at 5:45 pm ET. The euro is seen challenging resistance around the 1.14 region.

The single currency appreciated to a 2-day high of 0.8572 against the pound, after having dropped to 0.8510 at 5:15 pm ET. Next key resistance for the euro is likely seen around the 0.87 region.

The euro bounced off to 1.1259 against the greenback, from more than a 2-week low of 1.1234 hit at 4:10 am ET. On the upside, 1.14 is possibly seen as the next resistance for the euro.

After falling to a 2-1/2-month low of 123.65 against the yen at 3:45 am ET, the euro reversed direction with trading at 124.14. Further uptrend may take the euro to a resistance around the 127.00 region.

The euro recovered to 1.5882 against the aussie, 1.6542 against the kiwi and 1.5114 against the loonie, from its early lows of 1.5840, 1.6482 and 1.5070,respectively. The next possible resistance for the euro is seen around 1.60 against the aussie, 1.68 against the kiwi and 1.53 against the loonie.

In today's events, at 7:15 am ET, Federal Reserve Governor Randal Quarles will speak about the Financial Stability Board agenda at a policy conference hosted by the European Central Bank in Frankfurt.

German flash inflation for March, U.S. GDP data for the fourth quarter, weekly jobless claims for the week ended March 23 and pending home sales for February are scheduled for release in the New York session.

Federal Reserve Governor Richard Clarida is scheduled to participate in a panel discussion titled "Global Shocks and the U.S. Economy" at a symposium hosted by the Bank of France in Paris at 9:30 am ET.

Federal Reserve Governor Michelle Bowman will deliver a speech about agriculture and community banking at a town hall event in New Mexico at 10:00 am ET.

At 1:00 pm ET, the Swiss National Bank Governing Board Member Andrea Maechler will give a speech about the development of payments in the Digital Age at the Money Market Event in Zurich.

For comments and feedback: contact editorial@rttnews.com

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