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Forex News: Euro Climbs As Eurozone Inflation Hits 4-month High

Euro Climbs As Eurozone Inflation Hits 4-month High

08/31/2017 - 06:51:00 (RTTNews)

(RTTNews) - The euro advanced against its major counterparts in the European session on Thursday, as Eurozone inflation climbed to a four-month high in August on energy prices.

Flash data from Eurostat showed that inflation accelerated to 1.5 percent in August from 1.3 percent in July. This was the highest since April and above the expected rate of 1.4 percent

Core inflation that excludes energy, food, alcohol and tobacco, held steady at 1.2 percent in August.

Separate data from Eurostat showed that the euro area unemployment rate remained unchanged at the lowest level in more than eight years in July.

The jobless rate held steady at 9.1 percent in July, the lowest since February 2009. The rate also matched expectations.

Sentiment bolstered on upbeat data from the U.S. and China and investors keep a close eye on the final day of Brexit talks taking place in Brussels.

The euro rose to 1.1906 against the greenback, after having fallen to a 6-day low of 1.1867 at 2:15 am ET. The euro is poised to locate resistance around the 1.20 mark.

The single currency reversed from an early low of 130.93 against the yen, rising to 131.58. Continuation of the euro's uptrend may see it challenging resistance around the 134.00 region.

Data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts declined more than expected in July.

Housing starts decreased 2.3 percent year-on-year in July, in contrast to a 1.7 percent rise in June. This was also bigger than the expected drop of 0.2 percent.

Following an 8-day low of 0.9186 hit against the pound at 12:45 am ET, the euro climbed to 0.9237.If the euro extends rise, 0.94 is possibly seen as its next resistance level.

The single currency firmed to more than a 2-week high of 1.1472 against the Swiss franc, coming off from its early low of 1.1436. On the upside, 1.19 is possibly seen as the next resistance for the euro-franc pair.

The 19-nation currency strengthened to 1.6639 against the NZ dollar, a level unseen since May 2016. The next possible resistance for the euro-kiwi pair is seen around the 1.69 mark.

The single currency firmed to 1.5088 against the aussie, compared to 1.5027 hit late New York Wednesday. The euro is seen finding resistance around the 1.53 zone.

Looking ahead, Canada GDP data for June, U.S. personal income and spending data for July, U.S. weekly jobless claims for the week ended August 26 and U.S. pending home sales data for July are slated for release in the new York session.

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