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Forex News: Euro Climbs Amid Risk Appetite As Catalonia Worries

Euro Climbs Amid Risk Appetite As Catalonia Worries Ease

10/03/2017 - 07:14:00 (RTTNews)

(RTTNews) - The euro advanced against its key counterparts in European deals on Tuesday amid risk appetite, as a sell-off in Spanish markets eased after Spanish Prime Minister Mariano Rajoy attempted to resolve the issue of Catalan independence.

Rajoy on Monday said the government will seek a joint response with other political parties to the "pro-independence challenge" in Catalonia.

The European Commision dismissed Catalonia's disputed referendum, saying it as "not legal" under the Spanish Constitution and urged dialogue between Barcelona and Madrid to solve the crisis.

The European parliament will hold a special debate on Wednesday on the issue.

Data from Eurostat showed that Eurozone producer prices grew the most in three months in August.

Producer prices increased 2.5 percent year-on-year in August, faster than the 2 percent rise seen in July. The annual rate exceeded the expected 2.3 percent and was the fastest since June 2017.

Excluding energy, producer price inflation rose marginally to 2.2 percent from 2.1 percent a month ago.

The currency showed mixed trading in the Asian session. While it rose against the yen and the franc, it held steady against the pound. Against the greenback, it fell.

The euro climbed to 1.1751 against the greenback, from an early 1-1/2-month low of 1.1696.The euro is likely to find resistance around the 1.19 region.

The euro advanced to a 4-day high of 1.1464 against the franc, off its early low of 1.1428. The next possible resistance for the euro-franc pair is seen around the 1.19 area.

The single currency reversed from an early 6-day low of 132.17 against the Japanese yen, bouncing off to 132.86.The euro is seen finding resistance around the 135.00 level.

Survey data from the Cabinet Office showed that Japan's consumer confidence improved more-than-expected in September.

The consumer sentiment index rose to 43.9 from 43.3 in August. The expected reading was 43.5. A similar high score was last seen in March.

The euro edged up to 0.8867 against the pound, after having fallen to 0.8822 at 3:00 am ET. If the euro-pound pair extends rise, 0.90 is possibly seen as its next resistance level.

Data from IHS Markit showed that the UK construction sector contracted in September on weak new work.

The IHS Markit/Chartered Institute of Procurement & Supply construction Purchasing Managers' Index fell to 48.1 in September from 51.1 in August. The reading was expected to remain unchanged at 51.1.

The euro rose to 1.5047 against the aussie and 1.4716 against the loonie, from its early 5-day low of 1.4971 and a 4-day low of 1.4661, respectively. On the upside, 1.53 and 1.48 are likely seen as the next resistance levels for the euro against the aussie and the loonie, respectively.

The single currency spiked up to a weekly high of 1.6398 against the kiwi, from a low of 1.6292 hit at 10:15 pm ET. The euro is poised to challenge resistance around the 1.65 mark.

Looking ahead, at 8:30 am ET, Federal Reserve Governor Jerome Powell speaks about regulatory reform at a financial regulation event jointly hosted by Reuters and George Washington University in Washington DC.

At 12:30 pm ET, the Bank of Canada Deputy Governor Sylvain Leduc speaks about Canadian business creation and productivity at the Sherbrooke Chamber of Commerce, in Quebec.

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