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Forex News: Euro Climbs On German Stimulus Hopes

Euro Climbs On German Stimulus Hopes

08/19/2019 - 06:30:00 (RTTNews)

(RTTNews) - The euro strengthened against its major counterparts in the European session on Monday, as investors cheered news of Germany abandoning balanced budget rules to withstand the impact of an economic slowdown.

Germany's Der Spiegel magazine reported last week that the finance ministry is considering easing budgetary surplus policy and take on new debt to support the economy.

The change in German budgetary policy comes amid mounting fears that Europe's largest economy could slide into a recession due to a global slowdown.

Final data from Eurostat showed that Eurozone inflation eased more than initially estimated in July to the lowest since late 2016.

Headline inflation slowed to 1 percent in July from 1.3 percent in June. The initial estimate was 1.1 percent. In the same period last year, the inflation rate was 2.2 percent.

The euro advanced to 1.1110 against the greenback, from a low of 1.1088 hit at 8:15 pm ET. The euro is seen finding resistance around the 1.13 level.

The single currency climbed to a 4-day high of 118.47 against the yen from last week's closing value of 117.92. The next possible resistance for the euro is seen around the 122.00 level.

Data from the Ministry of Finance showed that Japan posted a merchandise trade deficit of 249.6 billion yen in July.

That missed expectations for a shortfall of 194.5 billion yen following the 589.5 billion yen deficit in June.

The 19-nation currency that closed Friday's trading at 0.9126 against the pound edged higher to 0.9165. Next key resistance for the euro is seen around the 0.93 region.

Data from property website Rightmove showed that UK house sales increased sharply in August as buyers insisted to conclude the contract well ahead of Brexit deadline.

Despite a quiet period in the property market, the number of sales advanced 6.1 percent year-on-year this August.

The euro rose to 1.0874 against the Swiss franc, after falling to 1.0844 at 5:30 pm ET. The euro is likely to face resistance around the 1.10 level.

The common currency appreciated to a 4-day high of 1.7325 against the kiwi, compared to 1.7258 hit late New York Friday. If the euro extends rise, 1.75 is possibly seen as its resistance level.

The euro advanced to a session's high of 1.6409 against the aussie, from a low of 1.6336 it touched at 8:00 pm ET. The euro is poised to find resistance around the 1.65 level.

On the flip side, the euro eased off slightly to 1.4718 versus the loonie, from a high of 1.4740 seen at 4:15 am ET. The euro is likely to challenge support around the 1.46 level.

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