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Forex News: Euro Climbs On Stimulus Hopes

Euro Climbs On Stimulus Hopes

08/11/2020 - 08:00:00 (RTTNews)

(RTTNews) - The euro turned higher against its major counterparts in the European session on Tuesday, as hopes of a stimulus deal in Washington and news of a coronavirus vaccine lifted European shares. U.S. congressional leaders and officials in President Donald Trump's administration said on Monday they were ready to resume coronavirus aid talks.

President Donald Trump said that he was considering a capital gains tax cut for creating more jobs to revive the stalling economy.

Russian President Vladimir Putin announced that the country had granted regulatory approval to the first official coronavirus vaccine developed by the Gamaleya Research Institute and Defence Ministry.

Survey data from the ZEW - Leibniz Centre for European Economic Research showed that Germany's economic confidence improved notably in August.

The ZEW Indicator of Economic Sentiment increased unexpectedly to 71.5 in August from 59.3 in July. The score was forecast to fall to 58.0.

After falling to an 8-day low of 1.1722 against the greenback and a 1-week low of 124.29 against the yen in early trading, the euro rose to 4-day highs of 1.1808 and 125.21, respectively. Next key resistance for the euro is seen around 1.20 against the greenback and 127.5 against the yen.

The euro gained to 1.0773 against the franc and 0.9009 against the pound, up from its early near a 2-week low of 1.0735 and a new 4-week low of 0.8970, respectively. The euro may possibly challenge resistance around 1.10 against the franc and 0.92 against the pound.

The European currency hit a 5-day high of 1.7880 against the kiwi, reversing from a 4-day low of 1.7732 set at 12:00 am ET. The euro is likely to test resistance around the 1.82 level, if it continues its rally.

The euro bounced off to 1.5688 versus the loonie and 1.6429 against the aussie, from its early new 2-week lows of 1.5647 and 1.6353, respectively. The euro is seen finding resistance around 1.58 versus the loonie and 1.66 against the aussie.

Looking ahead, Canada housing starts for July are set for release at 8:15 am ET.

U.S. PPI for July will be out in the New York session.

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