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Forex News: Euro Higher Amid Improved Risk Sentiment

Euro Higher Amid Improved Risk Sentiment

07/04/2022 - 11:16:00 (RTTNews)

(RTTNews) - The euro moved up against its most major counterparts in the European session on Monday, as European markets advanced, though overall trading activity remains muted due to a U.S. market holiday.

Oil prices firmed after a data showed that the OPEC missed output target in June amid outages in Libya and Nigeria.

The Wall Street Journal reported that U.S. President Joe Biden is considering lifting some tariffs on Chinese imports as soon as this week.

Data from Eurostat showed that Eurozone producer price inflation slowed more than expected in May, after reaching a new record high in April.

Producer prices climbed 36.3 percent year-on-year in May, following a 37.2 percent rise in April. Economists had forecast inflation to ease to 36.7 percent.

The euro climbed to 1.0463 against the greenback and 141.66 against the yen, following its prior lows of 1.0416 and 140.61, respectively. The euro is seen finding resistance around 1.08 against the greenback and 144.00 against the yen.

The euro rebounded to 1.3451 against the loonie and 1.6803 against the kiwi, up from its early 4-day lows of 1.3406 and 1.6709, respectively. The euro is likely to find resistance around 1.37 against the loonie and 1.71 against the kiwi.

The euro touched a 5-day high of 1.0046 against the franc, rising from a 4-day low of 0.9976 seen at 2:30 am ET. If the euro rises further, it is likely to test resistance around the 1.04 level.

In contrast, the euro held steady against the aussie, after hitting a 4-day low of 1.5170 at 6:45 am ET. The pair had closed Friday's deals at 1.5291.

The euro was down against the pound, at 0.8595. On the downside, 0.84 is possibly seen as its next support level.

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