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Forex News: Euro Climbs Amid Risk Appetite

Euro Climbs Amid Risk Appetite

07/10/2017 - 05:17:00 (RTTNews)

(RTTNews) - The euro strengthened against its major counterparts in early European deals on Monday amid risk appetite, as European shares rose following strong gains from Asia and Wall Street, as Chinese inflation data added to growth optimism fueled by Friday's solid jobs data.

Consumer prices in China rose an annual 1.5 percent in June, the National Bureau of Statistics said. That was unchanged from the May reading, but was shy of expectations for 1.6 percent.

The bureau also said that producer prices were up 5.5 percent on year - unchanged and in line with expectations.

Meanwhile, leaders of the Group of 20 countries other than the United States reaffirmed their commitment to the Paris climate accord on Saturday, saying that it is irreversible.

"We reaffirm our strong commitment to the Paris Agreement, moving swiftly towards its full implementation in accordance with the principle of common but differentiated responsibilities and respective capabilities," the G20 said in its communique released on conclusion of the two-day summit in Hamburg, Germany.

Data from Destatis showed that Germany's exports and imports grew more than expected in May.

Exports grew 1.4 percent month-on-month in May, faster than the 0.9 percent increase seen in April. Shipments were expected to gain only 0.3 percent.

Meanwhile, survey results from think tank Sentix showed that Eurozone investor confidence moderated in July.

The investor confidence index fell marginally to 28.3 in July from a near decade high. The score was forecast to fall to 28.2 from 28.4 in June.

The euro held steady against its major counterparts in the Asian session, with the exception of the yen.

The euro hit 130.40 versus the yen, level unseen since February 2016. Continuation of the euro's uptrend may see it challenging resistance around the 133.00 region.

Data from the Ministry of Finance showed that Japan posted a current account surplus of 1,653.9 billion yen in May.

That missed forecasts for 1,792.8 billion yen following the 1,951.9 billion yen surplus in April.

The euro that closed Friday's trading at 1.4679 against the loonie and 1.4990 versus the aussie rose to 1.4719 and 1.5027, respectively. The euro is likely to find resistance around 1.49 against the loonie and 1.52 against the aussie.

The euro recovered to 0.8857 versus the pound, off its early low of 0.8833. The next possible resistance for the euro-pound pair is seen around the 0.90 mark.

The euro gained to 1.0998 versus the franc and 1.1418 versus the greenback, from its early lows of 1.0976 and 1.1390, respectively. On the upside, 1.12 and 1.16 are likely seen as the next resistance for the euro against the franc and the greenback, respectively.

Looking ahead, U.S. labor market conditions index for June and U.S. consumer credit for May are slated for release in the New York session.

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