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Forex News: Euro Climbs As ECB Sees Solid Eurozone Growth

Euro Climbs As ECB Sees Solid Eurozone Growth To Continue In Second Half

11/09/2017 - 08:05:00 (RTTNews)

(RTTNews) - The euro advanced against its most major opponents in the European session on Thursday, after the European Central Bank offered an optimistic assessment for the euro area, estimating a continued robust growth momentum in the second half of this year.

In its latest economic bulletin, the European Central Bank said that Eurozone's robust economic recovery continued in the second half of this year, supported by domestic demand and an upswing in investment.

"The solid and broad-based economic expansion in the euro area is continuing; the latest data and survey results point to unabated growth momentum in the second half of this year," the bank said in the bulletin.

"Risks surrounding the euro area growth outlook remain broadly balanced," the ECB added.

The currency was also underpinned by an upgrade in the European Commission's growth projections for the euro area.

In the Autumn Forecast, the EU said the currency bloc will grow 2.2 percent this year instead of prior projection of 1.7 percent.

Speaking to the European Parliament in Brussels, the ECB's Chair of the Supervisory Board Daniele Nouy said that regulatory efforts must be adopted now, when the euro area economy is in strong shape, to avoid a massive build-up of bad bank loans in future.

The ECB had floated new guidelines regarding extra provisioning by banks for bad loans. These guidelines are open for public consultation until December 8.

In other economic releases, data from Destatis showed that Germany's exports declined less than expected in September, while imports dropped unexpectedly from August.

Exports fell 0.4 percent month-on-month in September, reversing a 2 percent rise in August. Shipments were forecast to decline 1.3 percent.

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

The euro advanced to a 6-day high of 1.1644 against the greenback, after having fallen to 1.1586 at 8:30 pm ET. If the euro rises further, 1.18 is possibly seen as its next resistance level.

The single currency bounced off to 132.02 against the Japanese yen, from a low of 131.52 hit at 3:45 am ET. The currency has already set a 2-day peak of 132.26 early in the Asian session. Continuation of the euro's uptrend may see it challenging resistance around the 134.00 mark.

Data from the Cabinet Office showed that Japan core machine orders plunged a seasonally adjusted 8.1 percent on month in September, standing at 1.027 trillion yen.

That missed expectations for a decline of 2.0 percent following the 3.4 percent gain in August.

Having fallen to 0.8824 against the pound at 3:30 am ET, the euro reversed direction and rose to a 3-day high of 0.8874. The euro is seen finding resistance around the 0.90 area.

Survey by the Royal Institution of Chartered Surveyors showed that the U.K. house price balance narrowed in October, gaining just 1.0 percent.

That missed forecasts for an increase of 4.0 percent and was down from 6.0 percent in September.

The 19-nation currency rose to 1.4784 against the loonie, 1.5144 against the aussie and 1.6704 against the kiwi, from its early low of 1.4746, 2-day low of 1.5084 and 3-week low of 1.6623, respectively. On the upside, the euro may target resistance around 1.49 against the loonie, 1.53 against the aussie and 1.68 against the kiwi.

On the flip side, the euro fell to 1.1571 against the franc, from a 3-day high of 1.1619 hit at 5:25 am ET. The next possible support for the euro is seen around the 1.14 mark.

Data from the State Secretariat for Economic Affairs showed that Switzerland's unemployment rate remained stable in October.

The jobless rate held steady at seasonally adjusted 3.1 percent in October and in line with expectations. On an unadjusted basis, the unemployment rate remained unchanged at 3 percent.

At 8:15 am ET, the ECB executive board member Yves Mersch speaks on "Turbulent times for the European financial industry" at 1st annual forum Banking & Technology in Vienna, Austria.

Half an hour later, the ECB Vice President Vitor Constancio speaks at Rome regulatory conference.

In the New York session, Canada new housing price index for September, U.S. weekly jobless claims for the week ended November 4 and wholesale inventories for September are due.

At 11:30 am ET, the Swiss National Bank Chairman Thomas Jordan delivers a speech titled "Independence of Central Banks after the Financial Crisis: The Swiss Perspective" at the Center for Financial Studies Presidential Lecture, in Frankfurt.

At 1:20 pm ET, ECB Board member Sabine Lautenschlager gives speech at the "Monetary, Financial, and Prudential Policy Interactions in the Post-Crisis World" conference organized by BoE/HKMA/IMF in Washington D.C., USA.

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