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Forex News: Euro Advances As Eurozone Wage Growth Slows

Euro Advances As Eurozone Wage Growth Slows

02/20/2024 - 08:58:00 (RTTNews)

(RTTNews) - The euro climbed against its major counterparts in the European session on Tuesday, after a data showed that Eurozone negotiated wage growth eased in the final three months of last year.

Preliminary data from the European Central Bank showed that negotiated wages grew non-adjusted 4.5 percent year-on-year in the fourth quarter, after increasing a record high 4.7 percent in the previous three months.

Wage growth remains a main concern for the ECB policymakers as they determine the trend of inflation in the coming months.

In economic news, data from Eurostat showed that Eurozone construction output recovered in December after falling for two straight months.

Construction output advanced 0.8 percent from November, when it was down by 0.4 percent.

The euro strengthened to multi-week highs of 1.0809 against the greenback and 0.8578 against the pound, off its early lows of 1.0761 and 0.8549, respectively. The next possible resistance for the euro is seen around 1.11 against the greenback and 0.88 against the pound.

The euro moved up to multi-month highs of 0.9528 against the franc and 162.29 against the yen, off its previous lows of 0.9503 and 161.72, respectively. The euro is seen finding resistance around 0.97 against the franc and 164.00 against the yen.

The euro touched 1.4576 against the loonie, its highest level since January 29. If the currency rises further, it may find resistance around the 1.47 level.

In contrast, the euro fell to a 1-1/2-month low of 1.7489 against the kiwi and a multi-week low of 1.6455 against the aussie, from an early high of 1.7557 and a 4-day high of 1.6504, respectively. Next key support for the euro is likely seen around 1.71 against the kiwi and 1.62 against the aussie.

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