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Forex News: Euro Higher As Eurozone Economic Growth Accelerates

Euro Higher As Eurozone Economic Growth Accelerates

04/30/2019 - 09:02:00 (RTTNews)

(RTTNews) - The euro spiked higher against its major counterparts in the European session on Tuesday, as Eurozone's quarterly economic growth rate doubled in the first three months of the year, erasing concerns about economic slowdown witnessed last year.

Preliminary flash data from the statistical office Eurostat showed that gross domestic product grew 0.4 percent from the fourth quarter of 2018, when the euro area economy expanded 0.2 percent.

Economists had forecast 0.3 percent growth for the first quarter.

The pace of growth was the strongest since the second quarter of 2018, when the economy expanded at the same rate.

Separate data showed that Eurozone's unemployment rate dropped in March to its lowest level in more than a decade.

The jobless rate fell to 7.7 percent from 7.8 percent seen in each of the previous two months. Economists had expected the rate to remain steady in March.

The currency showed mixed trading against its major opponents in the Asian session. While it held steady against the greenback and the franc, it fell against the yen. Against the pound, it rose. The euro strengthened to a 6-day high of 1.1225 against the greenback from Monday's closing value of 1.1185. The euro is seen finding resistance around the 1.14 level.

The single currency that closed yesterday's trading at 1.1404 against the franc appreciated to a 6-day high of 1.1442. Next key resistance for the euro is seen around the 1.16 level.

The euro edged up to 125.07 against the yen, after having dropped to 124.47 at 3:30 am ET. On the upside, 127.00 is possibly seen as the next resistance level for the euro.

The euro firmed to a 6-day high of 1.5102 against the loonie, compared to 1.5051 hit late New York Monday. Should the euro continues its rise, 1.52 is possibly seen as its next resistance level.

Reversing from a low of 1.5829 touched at 8:45 pm ET, the euro reversed direction and climbed to a 6-day high of 1.5932 against the aussie. The euro is poised to test resistance around the 1.61 level.

After dropping to 1.6744 against the kiwi at 8:45 pm ET, the euro snapped back, touching a 5-day peak of 1.6825. The next possible resistance for the euro is seen around the 1.70 level.

On the flip side, the euro declined to near a 3-week low of 0.8615 against the pound, from a 5-day high of 0.8650 seen at 5:45 pm ET. Further downtrend may take the euro to a support around the 0.84 level.

Looking ahead, U.S. S&P/Case-Shiller home price index for February, pending home sales for March and consumer confidence index for April are due to be released in the New York session.

For comments and feedback: contact editorial@rttnews.com

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