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Forex News: Euro Advances As German Consumer Sentiment Improves

Euro Advances As German Consumer Sentiment Improves

11/26/2019 - 07:50:00 (RTTNews)

(RTTNews) - The euro strengthened against its most major counterparts in the European session on Tuesday, as German Gfk consumer sentiment picked in December on robust economic and income expectations.

Survey data from market research group GfK showed that consumer sentiment index rose to 9.7 points, as expected, from 9.6 in November.

The economic expectations index climbed sharply by 15.5 points to 1.7 in November. Likewise, the income expectations indicator advanced 6.5 points to 45.5.

Trade negotiators from Washington and Beijing discussed trade related issues through phone, in a sign of progress in the trade dispute.

China's Commerce Ministry said that Vice Premier Liu He spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin and agreed to continue talks on the Phase 1 deal.

The currency has been trading in a positive territory against its major counterparts in the Asian session, with the exception of the greenback.

The euro rose to 1.0998 against the franc, from a low of 1.0969 seen at 5:15 pm ET. Next key resistance for the euro is seen around the 1.11 mark.

The euro edged higher to 1.1021 against the greenback, reversing from a low of 1.1007 set at 8:00 pm ET. The euro is seen finding resistance around the 1.12 level.

Bouncing off from a session's low of 0.8530 hit at 5:15 pm ET, the euro advanced to 0.8575 against the pound. The euro is likely to find resistance around the 0.87 level.

The euro ticked up to 1.7188 against the kiwi, compared to 1.7162 hit late New York Monday. If the euro rises further, 1.75 is possibly seen as its next resistance level.

The European currency gained to 1.4674 against the loonie, marking a 4-day high. At yesterday's close, the pair was worth 1.4647. On the upside, 1.49 is possibly seen as the next resistance level for the currency.

The euro also strengthened to a 4-day high of 1.6274 against the aussie, from Monday's closing value of 1.6247. Should the euro rises further, it may challenge resistance around the 1.65 level.

In contrast, the euro held steady against the yen, after setting a 4-day high of 120.25 at 8:45 pm ET. The pair had closed Monday's deals at 119.95.

Data from the Bank of Japan showed that Japan producer prices surged 2.1 percent on year in October - handily beating expectations for an increase of 1.8 percent following the 0.5 percent gain in September.

On a monthly basis, producer prices advanced 1.9 percent following the flat reading in the previous month.

Looking ahead, U.S. FHFA's house price index and S&P/Case-Shiller home price index for September, new home sales for October and consumer sentiment index for November will be featured in the New York session.

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