FOREX TradingCharts.com

Forex News: Euro Higher On Italy Budget News

Euro Higher On Italy Budget News

12/19/2018 - 05:25:00 (RTTNews)

(RTTNews) - The euro climbed against its major counterparts in the early European session on Wednesday, after Italian government struck a technical agreement with the European Commission over its 2019 budget plan, ending a standoff between Rome and Brussels about deficit limit.

On Tuesday, Italy's Economy Ministry announced that an informal agreement had been made with the European Commission over its budget plan.

The deal is expected to be formalized on Wednesday at a meeting of EU commissioners in Brussels.

Prime Minister Giuseppe Conte said that "it is necessary to wait for the procedure to be completed in order to consider the negotiation definitively concluded." Conte will address the Italian parliament on Wednesday.

Data from the Federal Statistical Office showed that Germany's producer price inflation remained at its highest level in 19 months in November.

Producer prices rose 3.3 percent year-on-year in November, same as in October. Economists had expected a 3.1 percent increase. The pace of increase was the fastest since April 2017, when producer prices rose at the same rate. The currency rose against its major counterparts in the Asian session, with the exception of the pound.

The euro firmed to a 9-day high of 1.1405 against the greenback, from a low of 1.1359 hit at 5:00 pm ET. On the upside, 1.16 is likely seen as the next resistance for the euro.

The single currency advanced to a 2-day high of 128.20 against the yen, reversing from a low of 127.71 touched at 7:00 pm ET. The euro is poised to find resistance around the 130.00 mark.

Data from the Ministry of Finance showed that Japan recorded a merchandise trade deficit of 737.3 billion yen in November.

That missed forecasts for a deficit of 630.0 billion yen following the 450.1 billion yen shortfall in October.

The euro climbed to 1.1311 against the franc, its highest since December 6. Next key resistance for the euro is possibly seen around the 1.15 level.

Having dropped to 0.8982 against the pound at 5:15 pm ET, the euro reversed direction and strengthened to 0.9010. The next possible resistance for the euro is seen around the 0.91 level.

The euro appreciated to 1.5377 against the loonie, a level unseen since July 25. If the euro rises further, 1.55 is likely seen as its next resistance level.

The euro rose to 1.5853 against the aussie and 1.6626 against the kiwi, from its early lows of 1.5806 and 1.6569, respectively. The euro is seen finding resistance around 1.60 against the aussie and 1.68 against the kiwi.

Looking ahead, Canada CPI and U.S. existing home sales for November are set for release in the New York session.

At 2:00 pm ET, the Fed announces its decision on interest rate. The central bank is expected to raise its interest rate by a quarter-point to a range of 2.25 percent to 2.5 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2018 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Canadian Dollar Strengthens After Upbeat Inflation Data (35 min(s), 24 sec(s) ago)
(RTTNews) - The Canadian dollar gained ground against its key counterparts in the European session ...Full Story»

Dollar Little Changed Following U.S. Industrial Production (14 min(s), 24 sec(s) ago)
(RTTNews) - After the release of U.S. industrial production for December at 9:15 am ET Friday, the ...Full Story»

Dollar Steady Ahead Of U.S. Industrial Production (05 min(s), 24 sec(s) ago)
(RTTNews) - The Federal Reserve will publish U.S. industrial production for December at 9:15 am ET ...Full Story»

Loonie Advances After Canada CPI (29 min(s), 24 sec(s) ago)
(RTTNews) - Following the release of Canada consumer inflation for December at 8:30 am ET Friday, ...Full Story»

Loonie Retreats Ahead Of Canada CPI (20 min(s), 24 sec(s) ago)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada will release Canada consumer inflation for Dec ...Full Story»

Pound Slides As UK Retail Sales Weakest Since May 2017 (05 min(s), 24 sec(s) ago)
(RTTNews) - The pound slipped against its major counterparts in the European session on Friday, as ...Full Story»

Pound Slightly Up Following U.K. Retail Sales (29 min(s), 24 sec(s) ago)
(RTTNews) - The Office for National Statistics has released U.K. retail sales for December at 4:30 ...Full Story»

Pound Falls Ahead Of U.K. Retail Sales (20 min(s), 24 sec(s) ago)
(RTTNews) - The Office for National Statistics will release U.K. retail sales for December at 4:30 ...Full Story»

Search

FOREX NEWS

Canadian Dollar Strengthens After Upbeat Inflation Data

01/18/2019 - 09:41 AM (RTTNews)
(RTTNews) - The Canadian dollar gained ground against its key counterparts in the European session ...Full Story>>

Dollar Little Changed Following U.S. Industrial Production

01/18/2019 - 09:18 AM (RTTNews)
(RTTNews) - After the release of U.S. industrial production for December at 9:15 am ET Friday, the ...Full Story>>

Dollar Steady Ahead Of U.S. Industrial Production

01/18/2019 - 09:10 AM (RTTNews)
(RTTNews) - The Federal Reserve will publish U.S. industrial production for December at 9:15 am ET ...Full Story>>

Loonie Advances After Canada CPI

01/18/2019 - 08:33 AM (RTTNews)
(RTTNews) - Following the release of Canada consumer inflation for December at 8:30 am ET Friday, ...Full Story>>

Loonie Retreats Ahead Of Canada CPI

01/18/2019 - 08:26 AM (RTTNews)
(RTTNews) - At 8:30 am ET Friday, Statistics Canada will release Canada consumer inflation for Dec ...Full Story>>
These pages, and all content ©TradingCharts.com Inc and other copyright holders. Permission is not granted to redistribute charts, data, news or other information found on this site, in any manner. Although it is believed that information provided is accurate, TradingCharts will not accept liability for any loss or damage that may arise from use of the content, inability to access the website, or delay or failure of receive of any information provided through this site.