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Forex News: Euro Advances On Trade Deal Hopes

Euro Advances On Trade Deal Hopes

11/07/2019 - 05:35:00 (RTTNews)

(RTTNews) - The euro appreciated against its major counterparts in the European session on Thursday, as investors became optimistic about a U.S.-China trade deal after both sides had agreed to remove existing trade tariffs in phases.

China's Commerce Ministry said that the two sides have agreed to cancel in phases the tariffs imposed during their months-long trade war to reach a "phase one" trade deal.

Data from Destatis showed that Germany's industrial production declined more than expected in September.

Industrial production fell 0.6 percent month-on-month in September, reversing a 0.4 percent rise in August. Economists had forecast a moderate drop of 0.3 percent.

The currency declined against its major counterparts in the previous session, excepting the pound.

The euro advanced to 1.1084 against the greenback, from a fresh 3-week low of 1.1055 seen at 10:15 pm ET. The euro may face resistance around the 1.12 mark, if it climbs again.

After falling to near a 3-week low of 1.0975 against the franc at 9:45 pm ET, the euro reversed direction and rose to 1.1008. The euro is seen challenging resistance around the 1.12 mark.

The euro climbed to 120.82 against the yen, following a decline to a new 3-week low of 120.14 at 10:15 pm ET. The next possible resistance for the euro is seen around the 122.00 mark.

In contrast, the euro was trading lower at 1.4585 against the loonie and 1.7351 against the kiwi, off its early high of 1.4601 and a weekly high of 1.7425, respectively. The euro may challenge support around 1.44 against the loonie and 1.70 against the kiwi.

The euro declined to near a 2-month low of 1.6038 against the aussie, reversing from a 2-day high of 1.6117 hit at 8:45 pm ET. On the downside, 1.59 is possibly seen as the next support level for the euro.

The euro held steady against the pound, after having eased from a 2-day high of 0.8619 it recorded at 2:30 am ET. The euro is seen finding support around the 0.84 mark.

Data from the Lloyds Bank subsidiary Halifax and IHS Markit showed that UK house prices dropped at a slower pace in October.

House prices fell 0.1 percent in October from the previous month, when prices were down 0.4 percent.

Looking ahead, the Bank of England's interest rate announcement is due at 7:00 am ET. The BoE is widely expected to hold its benchmark bank rate at 0.75 percent and the asset purchase plan at GBP 435 billion.

In the New York session, U.S. weekly jobless claims for the week ended November 2 and consumer credit for September are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

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