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Forex News: Euro Up As German Ifo Business Morale Improves

Euro Up As German Ifo Business Morale Improves For First Time In 7 Months

03/25/2019 - 06:25:00 (RTTNews)

(RTTNews) - The euro climbed against its most major counterparts in the European session on Monday, as Germany's business confidence strengthened in March, after weakening in the previous six months.

Survey data from the Munich-based Ifo Institute showed that German business confidence index rose to 99.6, while economists' had expected the reading to remain unchanged at February's score of 98.5.

The index rose for the first time since August 2018.

European shares were mixed as weak data deepened fears about faltering global growth, risks of a disorderly Brexit mounted and investors looked forward to another round of high-level negotiations set to begin in Beijing this week.

U.K. Prime Minister Theresa May is fighting to stay in power in the face of a reported coup after a government minister warned MPs of a potential general election.

U.K. lawmakers will seek to use a vote on the government's next steps on Brexit today.

The euro traded mixed against its major opponents in the Asian session. While it rose against the pound and the yen, it held steady against the greenback and the franc.

The euro advanced to 124.80 against the yen, following a decline to 123.88 at 9:00 pm ET. The euro is seen finding resistance around the 126.00 region.

The European currency climbed to 1.1323 against the greenback, from a low of 1.1289 seen at 5:00 pm ET. The euro is poised to find resistance around the 1.15 level.

Having dropped to 1.1221 against the Swiss franc at 5:45 pm ET, the euro reversed direction and appreciated to 1.1254. Next key resistance for the euro is seen around the 1.14 level.

The euro reached as high as 1.6459 against the kiwi, up from a low of 1.6395 touched at 5:45 pm ET. If the euro rises further, 1.66 is likely seen as its next resistance level.

Reversing from an early low of 1.5150 against the loonie, the euro edged up to 1.5185. On the upside, 1.53 is possibly seen as the next resistance level for the euro.

The euro rose to 0.8594 against the pound, bouncing off from a low of 0.8543 seen at 5:00 pm ET. The next possible resistance for the euro is seen around the 0.87 region.

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