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Forex News: Euro Climbs Amid Risk Appetite

Euro Climbs Amid Risk Appetite

04/12/2019 - 07:12:00 (RTTNews)

(RTTNews) - The euro advanced against its major counterparts in the European session on Friday amid risk appetite, as investors took mixed trade data from China in their stride and looked ahead to the start of the U.S. corporate earnings season, with JP Morgan Chase & Co and Wells Fargo & Co set to report their financial results later in the day.

Official data showed today that China's exports rose 14.2 percent in March from a year earlier, beating analysts' expectations and marking the strongest growth in five months.

However, imports dropped an annual 7.6 percent, worse than analysts' forecasts for a 1.3 percent fall and widening from February's 5.2 percent fall.

Data from Eurostat showed that Eurozone industrial output fell less than expected in February.

Industrial production fell 0.2 percent month-on-month in February, reversing a 1.9 percent rise in January. Economists had forecast a 0.6 percent decline.

Data from Destatis showed that Germany's wholesale price inflation rose further in March.

The wholesale price index rose 1.8 percent year-on-year in March, following a 1.6 percent rise in February.

The currency has been trading higher against its major counterparts in the Asian session.

The euro strengthened to a 3-week high of 0.8657 against the pound, from a low of 0.8616 seen at 5:00 pm ET. The next possible resistance for the euro is seen around the 0.88 level.

The single currency spiked up to 1.1319 against the greenback, its highest since March 26. This follows a low of 1.1251 touched at 5:00 pm ET. The euro is poised to find resistance around the 1.15 level.

After falling to a 2-day low of 1.1281 against the franc at 5:15 pm ET, the euro reversed direction and appreciated to a new 3-week high of 1.1328. The euro is seen finding resistance around the 1.15 level.

The euro firmed to more than a 3-week high of 126.71 against the yen, after falling to 125.61 at 5:00 pm ET. If the euro rises further, 129.00 is possibly seen as its next resistance level.

On the flip side, the euro retreated to 1.5777 against the aussie, 1.6754 against the kiwi and 1.5069 against the loonie, from its early 9-day high of 1.5853, near 2-month high of 1.6787 and near a 2-week high of 1.5100, respectively. On the downside, 1.55, 1.66 and 1.48 are likely seen as the next support levels for the euro against the aussie, the kiwi and the loonie, respectively.

Looking ahead, U.S. export and import prices for March and University of Michigan's preliminary consumer sentiment index for April will be released in the New York session.

For comments and feedback: contact editorial@rttnews.com

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