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Forex News: Euro Higher Ahead Of ECB Decision

Euro Higher Ahead Of ECB Decision

06/08/2022 - 07:49:00 (RTTNews)

(RTTNews) - The euro advanced against its major counterparts in the European session on Wednesday, ahead of the interest rate decision from the European Central Bank that is expected to affirm the first rate hike in July.

The ECB is expected to announce an end to its asset purchase program at its meeting this week, setting the stage to begin the tightening cycle in July.

Money markets raised expectations on rate hikes, with around 75 basis points of tightening estimated by September.

German bond yields rose, with the yield on the 10-year German bund reaching 1.32 percent.

European stocks fell as investors worried the central bank tightening around the world to tackle inflation could derail global growth.

Revised data from Eurostat showed that the euro area economy grew at a faster-than-estimated pace in the first quarter on the positive contribution from net trade.

Gross domestic product expanded 0.6 percent from the fourth quarter, when the economy had advanced 0.2 percent. The rate was revised up sharply from 0.3 percent.

According to latest estimate, employment in the currency bloc increased 0.6 percent, faster than the 0.4 percent rise a quarter ago. Annually, employment growth climbed to 2.9 percent from 2.1 percent.

The sequential growth was revised up from 0.5 percent and the annual increase from 2.6 percent.

The euro appreciated to a 7-1/2-year high of 143.68 against the yen and a 1-week high of 1.4921 against the aussie, reversing from its prior lows of 141.83 and 1.4783, respectively. The euro is poised to target resistance around 145.00 against the yen and 1.51 against the aussie.

The euro firmed to a 2-day high of 1.0729 against the greenback and a multi-week high of 1.0477 against the franc, up from its early lows of 1.0671 and 1.0398, respectively. The next possible resistance for the euro is seen around 1.09 against the greenback and 1.07 against the franc.

The euro touched a 2-week high of 1.6626 against the kiwi, coming off from its previous low of 1.6475. On the upside, 1.68 is possibly seen as its next resistance level.

Against the pound, the euro was up at 0.8552. It rebounded to 1.3458 against the loonie, from a fresh 3-week low of 1.3390 seen 3:30 am ET. If the euro rises further, it may find resistance around 0.87 against the pound and 1.38 against the loonie.

Looking ahead, U.S. wholesale inventories for April will be published in the New York session.

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