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Forex News: Euro Climbs Amid Risk Appetite On Trade Optimism,

Euro Climbs Amid Risk Appetite On Trade Optimism, China Data

01/21/2019 - 01:37:00 (RTTNews)

(RTTNews) - The euro strengthened against its major opponents in the Asian session on Monday, as Asian shares rose following the gains on Wall Street Friday amid optimism about U.S.-China trade talks as well as positive data from China.

China GDP data came in line with expectations in the fourth quarter, while industrial production and retail sales beat expectations in December, separate data showed.

Investors cheered US President Donald Trump's remarks that trade talks with China are progressing well.

Oil prices firmed as impressive China data suggested that the nation's economic slowdown is likely not as steep as expected.

Further underpinning oil prices were supply cuts led by the Organization of the Petroleum Exporting Countries.

The euro advanced to 1.1380 against the greenback, from a low of 1.1360 hit at 5:00 pm ET. On the upside, 1.15 is likely seen as the next resistance for the euro.

The single currency appreciated to a 4-day high of 0.8849 against the pound, after falling to 0.8816 at 5:00 pm ET. If the euro rises further, 0.90 is possibly seen as its next resistance level.

The euro edged up to 1.1327 against the franc and 124.82 against the yen, off its early lows of 1.1301 and 124.51, respectively. The euro is likely challenge resistance around 1.15 against the franc and 126.00 against the yen.

The common currency climbed to 4-day highs of 1.6938 against the kiwi and 1.5905 against the aussie, from its early lows of 1.6813 and 1.5846, respectively. The euro is likely to test resistance around 1.71 against the kiwi and 1.60 against the aussie.

Reversing from an early low of 1.5065 against the loonie, the euro rose to 1.5101. The euro is seen finding resistance around the 1.53 region.

U.S. markets will remain closed in observance of Martin Luther King Jr. Day.

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