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Forex News: Euro Strengthens As German Private Sector Growth Accelerates

Euro Strengthens As German Private Sector Growth Accelerates

06/22/2018 - 05:47:00 (RTTNews)

(RTTNews) - The euro strengthened against its major counterparts in early European deals on Friday, as Germany's private sector growth picked up pace in June, driven by stronger rise in services business activity.

Preliminary survey results from IHS Markit showed that the composite output index rose to 54.2 in June from 53.4 in May. Any reading above 50 indicates expansion in the sector.

However, the growth rate was still the second-lowest over the past 21 months.

The services Purchasing Managers' Index climbed to a 3-month high of 53.9 in June from 52.1 in May. The index was forecast to increase to 52.2.

European shares rose after finance ministers from 19 nations finalized plans to get Greece out of its eight-year bailout program and a top lawmaker in Italy's far-right League party reportedly said the government doesn't want to exit the euro.

There is also some cheer on the data front as flash survey data from IHS Markit showed that France's private sector expanded at a faster pace in June driven by acceleration in services economy. The currency rose against its major counterparts in the Asian session, with the exception of the pound.

The euro firmed to an 8-day high of 1.1674 against the greenback, from a low of 1.1598 hit at 5:00 pm ET. The euro is likely to find resistance around the 1.18 level.

The single currency advanced to a 2-day high of 1.1550 against the Swiss franc and an 8-day high of 128.60 against the yen, from its previous lows of 1.1496 and 127.47, respectively. Next key resistance for the euro is likely seen around 1.17 against the Swiss franc and 130.00 against the yen.

The 19-nation currency edged up to 0.8778 against the pound, from Thursday's closing value of 0.8757. On the upside, 0.89 is possibly seen as the next resistance level for the euro.

Bank of England Governor Mark Carney said Treasury's GBP 1.2 billion capital injection announcement is a ground-breaking financial arrangement and this would make the balance sheet fit for purpose and the future.

At the Mansion House, Carney said late Thursday that the additional capital will significantly increase the amount of liquidity the BoE can provide through collateralized and market-wide facilities.

The euro strengthened to a 1-1/2-month high of 1.5515 against the loonie and more than a 5-week high of 1.5756 against the aussie, from its early lows of 1.5434 and 1.5687, respectively. The euro is poised to test resistance around 1.56 against the loonie and 1.59 against the aussie.

The euro bounced off to 1.6905 against the kiwi, from a low of 1.6817 hit at 1:00 am ET. The euro is seen finding resistance around the 1.70 region.

Data from Statistics New Zealand showed that New Zealand's net migration declined in May from a year earlier.

In the year to May 31, the country recorded a net migration of 66,243, down from 71,964 in the same period of 2017. Looking ahead, Markit's U.S. manufacturing PMI for June, Canada retail sales for April and consumer price index for May are scheduled for release in the New York session.

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