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Forex News: Euro Climbs On ECB Rate Hike Talk Rumors

Euro Climbs On ECB Rate Hike Talk Rumors

03/19/2018 - 10:05:00 (RTTNews)

(RTTNews) - The euro advanced against its key counterparts in the European session on Monday, after a media report showed that the policy makers of the European Central Bank have moved their debate to the course of rate hike in 2019 and are of the view that QE program should end this year.

While the policymakers are broadly comfortable with a rate hike by mid-2019, there are differences about the steepness of the rate path subsequently due to a slow rebound in inflation, Reuters report showed.

"The only point in extending the program would be to push out rate hike expectations and anchor the yield curve," sources said.

"But that can be done with other tools, like a more precise forward guidance or more long-term refinancing operations."

Data from Eurostat showed that the Eurozone trade surplus declined to a three-month low in January as exports declined amid an increase in imports.

The trade surplus came in at seasonally adjusted EUR 19.9 billion versus a EUR 23.2 billion surplus in December. This was the lowest since October 2017.

Separate data showed that Eurozone construction output decreased for the first time in seven months in January.

Construction output fell a seasonally adjusted 2.2 percent month-over-month in January, reversing a 0.7 percent rise in December, which was revised up from a 0.1 percent increase reported earlier.

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

The euro climbed to 1.2326 against the greenback, from more than a 2-week low of 1.2258 hit at 1:45 am ET. The euro is seen finding resistance around the 1.24 level.

The single currency advanced to a 4-day high of 130.97 against the yen, off its 2-week low of 129.61. On the upside, 133.00 is likely seen as the next resistance level for the euro.

Preliminary figures from the Ministry of Finance showed that Japan's exports and imports grew more-than-expected in February.

The value of exports climbed 1.8 percent year-over-year in February, faster than the 1.4 percent rise economists had forecast.

The euro firmed to 1.1735 against the Swiss franc, its strongest since March 8. The next possible resistance for the euro is seen around the 1.22 level.

The euro strengthened to an 11-day high of 1.7083 against the kiwi and more than a 2-year high of 1.5995 against the aussie, from its early lows of 1.6988 and 1.5900, respectively. If the euro rises further, it may find resistance around 1.73 against the kiwi and 1.62 against the aussie.

The 19-nation currency bounced off to 1.6110 against the loonie, from an early low of 1.6056. Next key resistance for the euro is likely seen around the 1.63 level.

On the flip side, the euro fell to near a 6-week low of 0.8745 against the pound, compared to 0.8809 hit late New York Friday. Further downtrend may see the euro challenging support around the 0.86 level.

Data from property website Rightmove showed that house prices in London continued to decrease in March.

Home prices dropped 0.6 percent annually in March to GBP 631,651. Nonetheless, prices climbed 0.6 percent from February.

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