FOREX TradingCharts.com

Forex News: Euro Climbs As European Stocks Rise

Euro Climbs As European Stocks Rise

09/23/2020 - 07:48:00 (RTTNews)

(RTTNews) - The euro advanced against its key counterparts in European deals on Wednesday, as European shares rose after Federal Reserve Chairman Jerome Powell asserted the Fed's commitment to use all of its monetary policy tools for as long as necessary to support the economy.

Powell said that recent economic indicators show marked improvement, although the path ahead remained highly uncertain.

Fed's Powell will testify before the House Panel later in the day.

Better-than-expected Eurozone manufacturing PMI data also supported the currency.

Flash survey data from IHS Markit showed that Eurozone manufacturing Purchasing Managers' Index rose to a 25-month high of 53.7. Economists had forecast the reading to rise to 51.9 from 51.7 in August.

Separate data showed that German private sector continued to expand in September, albeit at a slower pace.

The composite output index dropped to 53.7 in September from 54.4 in August. The expected reading was 54.1.

The euro recovered to 123.05 against the yen, up from a 2-day low of 122.58 seen at 3:15 am ET. The euro is likely to challenge resistance around the 126.00 level, if it rises further.

Bank of Japan Governor Haruhiko Kuroda said that the central bank will not hesitate to take additional easing measures if required in the wake of highly uncertain economic and financial situation generated by the corovavirus pandemic.

He observed that the economy seems to have started to pick up with economic activity resuming gradually, although it has remained in a severe situation.

The European currency reached as high as 1.0777 against the franc, setting a 2-day high. The euro is seen finding resistance around the 1.10 level.

The euro edged up to 0.9218 against the pound from Tuesday's closing quote of 0.9192. On the upside, 0.94 is likely seen as its next resistance level.

After falling to nearly a 2-month low of 1.1672 at 2:15 am ET, the single currency rebounded to 1.1719 against the greenback. The euro is poised to find resistance around the 1.18 level.

The euro appreciated to a 4-week high of 1.6441 against the aussie, while approaching 1.7772 versus the kiwi, which was its highest level since September 11. The currency ended Tuesday's trading session at 1.6321 against the aussie and 1.7628 versus the kiwi. The next possible resistance for the euro is seen around 1.69 against the aussie and 1.80 versus the kiwi.

The euro rebounded to 1.5610 against the loonie, off its Asian session's 6-day low of 1.5541. Next key resistance for the euro is likely seen around the 1.58 level.

Looking ahead, U.S. Federal Housing Finance Agency's house price index for July is set for release in the New York session.

At 10:00 am ET, Federal Reserve Chair Jerome Powell will testify on the economic impacts of COVID-19 before the House Select Committee in Washington DC.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Euro Rises On Better Than Expected Eurozone Manufacturing PMI, Stimulus Hopes (03 hr(s), 54 min(s), 46 sec(s) ago)
(RTTNews) - The euro advanced against its major counterparts in the European session on Friday, as ...Full Story»

Pound Little Changed After U.K. PMI Data (06 hr(s), 27 min(s), 47 sec(s) ago)
(RTTNews) - At 4.30 am ET Friday, UK composite PMI data has been published. The pound changed litt ...Full Story»

Pound Advances Vs Most Majors Ahead Of U.K. PMI Data (06 hr(s), 33 min(s), 47 sec(s) ago)
(RTTNews) - At 4.30 am ET Friday, UK composite PMI data is due. Economists forecast the indicator ...Full Story»

Euro Little Changed After Eurozone PMI Data (06 hr(s), 57 min(s), 47 sec(s) ago)
(RTTNews) - Eurozone flash PMI data has been released at 4.00 am ET Friday. The euro changed littl ...Full Story»

Euro Recovers Ahead Of Eurozone PMI Data (07 hr(s), 06 min(s), 47 sec(s) ago)
(RTTNews) - At 4.00 am ET Friday, Eurozone flash PMI data is due. The composite index is expected ...Full Story»

Euro Ticks Up After German PMI Data (07 hr(s), 27 min(s), 47 sec(s) ago)
(RTTNews) - At 3.30 am ET Friday, German flash PMI data has been released. The euro edged up again ...Full Story»

Pound Declines Further After U.K. Retail Sales (08 hr(s), 57 min(s), 46 sec(s) ago)
(RTTNews) - At 2.00 am ET Friday, the Office for National Statistics has released UK retail sales ...Full Story»

Pound Falls Ahead Of U.K. Retail Sales (09 hr(s), 06 min(s), 47 sec(s) ago)
(RTTNews) - At 2.00 am ET Friday, the Office for National Statistics releases UK retail sales data ...Full Story»

Search

FOREX NEWS

Euro Rises On Better Than Expected Eurozone Manufacturing PMI, Stimulus Hopes

10/23/2020 - 07:09 AM (RTTNews)
(RTTNews) - The euro advanced against its major counterparts in the European session on Friday, as ...Full Story>>

Pound Little Changed After U.K. PMI Data

10/23/2020 - 04:36 AM (RTTNews)
(RTTNews) - At 4.30 am ET Friday, UK composite PMI data has been published. The pound changed litt ...Full Story>>

Pound Advances Vs Most Majors Ahead Of U.K. PMI Data

10/23/2020 - 04:30 AM (RTTNews)
(RTTNews) - At 4.30 am ET Friday, UK composite PMI data is due. Economists forecast the indicator ...Full Story>>

Euro Little Changed After Eurozone PMI Data

10/23/2020 - 04:07 AM (RTTNews)
(RTTNews) - Eurozone flash PMI data has been released at 4.00 am ET Friday. The euro changed littl ...Full Story>>

Euro Recovers Ahead Of Eurozone PMI Data

10/23/2020 - 03:59 AM (RTTNews)
(RTTNews) - At 4.00 am ET Friday, Eurozone flash PMI data is due. The composite index is expected ...Full Story>>

Do not sell my personal information

Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.