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Forex News: Euro Climbs After Better Than Expected German Business

Euro Climbs After Better Than Expected German Business Confidence Index

05/25/2018 - 05:44:00 (RTTNews)

(RTTNews) - The euro advanced against its major counterparts in early European deals on Friday, following a data showing a better than expected German business sentiment in April.

Survey data from Ifo Institute showed that the business climate index came in at 102.2 in May, unchanged from April. The score was seen at 102.

The current conditions index rose to 106.0, which was well above the expected level of 105.5. At the same time, the expectations index score was 98.5, in line with expectations.

European shares rose, as investors breathed a sigh of relief on Pyongyang's measured response to the cancellation of the summit.

North Korea said it is open to talks with the U.S. despite Trump's cancellation of the summit, helping support underlying sentiment.

The euro climbed to a 2-day high of 0.8780 against the pound, from a low of 0.8753 hit at 5:00 pm ET. Next key resistance for the euro is likely seen around the 0.89 level.

Second estimate from the Office for National Statistics showed that the UK economy expanded at a weaker pace, as estimated, in the first quarter.

Gross domestic product grew 0.1 percent sequentially in the first quarter, slower than the 0.4 percent expansion registered in the fourth quarter.

Having fallen to a 2-day low of 1.1685 against the greenback at 3:45 am ET, the euro reversed direction and recovered to 1.1723. The euro is poised to challenge resistance around the 1.19 level.

The single currency bounced off to 128.36 against the yen, from a low of 127.77 seen at 3:45 am ET. The euro is likely to find resistance around the 129.00 level.

Data from the Ministry of Internal Affairs and Communications showed that overall consumer prices in Tokyo rose 0.4 percent on year in May.

That was beneath expectations for 0.5 percent, which would have been unchanged.

The euro appreciated to 1.1640 against the Swiss franc, after falling to 1.1594 at 3:30 am ET. On the upside, 1.18 is likely seen as the next resistance for the euro.

The 19-nation currency advanced to 1.5120 against the loonie, after having fallen to 1.5088 at 3:45 am ET. If the euro continues its rise, 1.52 is possibly seen as its next resistance level.

The euro erased some of its early losses against the kiwi, recovering to 1.6918, from an early low of 1.6885. The next possible resistance for the euro is seen around the 1.71 level.

Looking ahead, U.S. durable goods orders for April and University of Michigan's final consumer sentiment index for May will be out in the New York session.

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