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Forex News: Euro Climbs After Strong Eurozone Inflation Data

Euro Climbs After Strong Eurozone Inflation Data

04/28/2017 - 05:33:00 (RTTNews)

(RTTNews) - The euro advanced against its major counterparts in the European session on Friday, after data showed that Eurozone inflation accelerated more than expected in April.

Flash data from Eurostat showed that inflation rose to 1.9 percent in April from 1.5 percent in March. Economists had forecast the annual rate to rise to 1.8 percent.

Core inflation that excludes energy, food, alcohol & tobacco accelerated to 1.2 percent from 0.7 percent in March.

The euro strengthened to near a 6-month high of 1.4923 against the loonie and near a 1-year high of 1.5927 against the kiwi, off its early lows of 1.4801 and 1.5762, respectively.

The euro climbed to 2-day highs of 1.0945 against the greenback and 121.95 against the yen, from its previous lows of 1.0857 and 120.69, respectively.

Reversing from an early 4-day low of 1.0798 against the Swiss franc, the euro edged up to 1.0843.

The euro rose to 1.4634 versus the aussie, from a low of 1.4528 hit at 8:45 pm ET.

Following a 10-day low of 0.8410 hit versus the pound in early deals, the euro advanced to 0.8457.

The euro is likely to find resistance around 0.86 against the pound, 1.10 against the franc, 1.11 against the greenback, 123.00 against the yen, 1.48 against the aussie, 1.51 against the loonie and 1.61 against the kiwi.

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