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Forex News: Euro Advances Amid Risk Appetite

Euro Advances Amid Risk Appetite

07/23/2020 - 06:57:00 (RTTNews)

(RTTNews) - The euro firmed against its major counterparts in the European session on Thursday amid risk appetite, as upbeat earning updates from companies such as Unilever and Daimler offset tensions between the U.S. and China.

Unilever announced that its second-quarter sales fell less than analyst expectations. Second-quarter underlying sales declined just 0.3 percent versus expectations of a 4.3 percent drop.

After reporting wider loss and weak sales volume in its second quarter hurt by the virus-related lockdowns, Daimler said that it started seeing first signs of sales recovery amid Covid-19 pandemic, and expects to record an operating profit in fiscal 2020.

Investors shrugged off Sino-American tensions and rising coronavirus infections in America.

On economic front, U.S. weekly jobless claims and Eurozone flash consumer sentiment index are due.

Survey data from market research group GfK showed that German consumer confidence is set to improve in August.

The forward-looking consumer sentiment index rose to -0.3 points from revised -9.4 in July. The expected reading was -5.0.

The euro firmed to 0.9119 against the pound, after falling to 0.9077 at 5:00 pm ET. If the euro rises further, 0.93 is possibly seen as its next resistance level.

The euro edged higher to 1.1599 against the greenback, compared to 1.1570 hit late New York Wednesday. Next key resistance for the euro is seen around the 1.18 level.

The euro was trading higher against the yen, at 124.15. The pair was worth 123.98 at yesterday's close. The euro is seen finding resistance around the 127.5 region.

The European currency appreciated to 1.0762 against the franc, from a low of 1.0746 seen at 3:30 am ET. Should the euro continues its uptrend, 1.10 is likely seen as its next resistance level.

The euro rose to a 2-day high of 1.6236 against the aussie, from yesterday's closing value of 1.6203. The euro is likely to challenge resistance around the 1.65 region.

The euro recovered to 1.7377 against the kiwi, from an early low of 1.7321. Further uptrend may lead the euro to a resistance around the 1.78 region.

In contrast, the euro weakened to a 2-day low of 1.5490 against the loonie, from a high of 1.5527 touched at 6:00 pm ET. The euro is poised to test support around the 1.52 mark.

Looking ahead, U.S. weekly jobless claims for the week ended July 18 will be out in the New York session.

Eurozone flash consumer sentiment index for July is due at 10:00 am ET.

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