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Forex News: Euro Climbs Despite Catalonia Crisis

Euro Climbs Despite Catalonia Crisis

10/19/2017 - 10:16:00 (RTTNews)

(RTTNews) - The euro strengthened against its major rivals in the European session on Thursday, despite political uncertainty in Spain after the Spanish government threatened to take control over Catalonia, as the region's leader Carles Puigdemont refused to abandon a push for independence.

Spanish government is set to convene a special Cabinet meeting on Saturday to trigger process to take control of Catalonia's powers.

The government said the cabinet session would activate Article 155 of Spain's 1978 Constitution, which allows it to restore the legality of self-rule in Catalonia.

The move came after Catalonia's leader threatened a unilateral declaration of independence, if the Spanish government continues to refuse talks on the issue.

The currency initially fell against its major rivals after the news of Puigdemont proceeding with declaration of independence in Catalonia.

The currency has been trading in a positive territory in the Asian session, with the exception of the pound.

The single currency advanced to a 6-day high of 1.1842 against the greenback, from a low of 1.1768 hit at 4:15 am ET. If the euro extends rise, 1.19 is possibly seen as its next resistance level.

The euro bounced off to 133.20 against the yen, from an early low of 132.48. The currency had earlier set more than a 3-week peak of 133.62 in the Asian session. The euro is seen finding resistance around the 134.00 region.

Data from the Ministry of Finance showed that Japan logged a merchandise trade surplus of 670.17 billion yen in September.

That beat forecasts for a surplus of 556.8 billion yen following the downwardly revised 112.6 billion yen surplus in August.

The 19-nation currency spiked up to a weekly high of 0.8989 against the pound and held steady thereafter. Continuation of the euro's uptrend may see it challenging resistance around the 0.91 mark.

Data from the Office for National Statistics showed that UK retail sales declined more than expected in September.

Retail sales including auto fuel, dropped 0.8 percent month-on-month in September, reversing a 0.9 percent rise in August.

The euro hit a 2-day high of 1.4770 against the loonie and a 6-day high of 1.5046 against the aussie, off its early lows of 1.4687 and 1.4987, respectively. The next possible resistance for the euro is seen around 1.49 against the loonie and 1.52 against the aussie.

The European currency strengthened to 1.6869 against the kiwi, a level unseen since May 2016. Further uptrend may take the euro to a resistance around the 1.73 area.

On the flip side, the euro retreated to 1.1524 against the Swiss franc, from more than a 3-week high of 1.1585 hit at 2:45 am ET. On the downside, 1.14 is possibly seen as the next support for the euro.

Data from the Federal Customs Administration showed that Switzerland's foreign trade surplus increased in September, as imports fell faster than exports.

The trade surplus climbed to CHF 2.9 billion in September from CHF 2.2 billion in August.

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