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Forex News: Euro Higher Amid Risk Appetite

Euro Higher Amid Risk Appetite

08/05/2020 - 06:55:00 (RTTNews)

(RTTNews) - The euro strengthened against its major opponents in the European session on Wednesday amid risk appetite, as hopes for more economic stimulus from global policymakers and signs of a gradual recovery in the Chinese economy helped investors shrug off worries about rising coronavirus infections in many countries.

Final data from IHS Markit showed that the euro area private sector expanded at the fastest pace since mid-2018 as easing of Covid-19 lockdown restrictions boosted demand and expectations.

The IHS Markit final composite output index rose to 54.9 in July from 48.5 in June. The flash reading was 54.8. Both the manufacturing and service sectors reported marked rates of growth in July, with manufacturing registering the slightly stronger pace of expansion.

The services Purchasing Managers' Index advanced to 54.7 in July from 48.3 in June, but this was below the flash score of 55.1.

Data from Eurostat showed that Eurozone retail sales grew at a moderate pace in June after rebounding sharply in May. Retail sales increased 5.7 percent on a monthly basis, following a 20.3 percent increase in May. Economists had forecast a 5.9 percent increase for June.

The euro appreciated to 125.41 against the yen, its highest level since April 22. The euro is seen finding resistance around the 127.00 level.

The euro climbed to a 5-day high of 1.1862 against the greenback, from a low of 1.1793 hit at 6:30 pm ET. The euro may test resistance around the 1.20 region, if it gains again.

After falling to 0.9012 at 3:30 am ET, the euro firmed to a 5-day high of 0.9046 against the pound. Next immediate resistance for the euro is seen around the 0.92 level.

The euro recovered to 1.7816 against the kiwi and 1.5721 against the loonie, from its early 2-day low of 1.7754 and a 1-week low of 1.5684, respectively. The next possible resistance for the euro is seen around 1.80 against the kiwi and 1.59 against the loonie.

The euro edged higher to 1.0793 against the franc, from a low of 1.0762 seen at 4:30 am ET. On the upside, 1.10 is likely seen as its next resistance level.

In contrast, the euro held steady against the aussie, after having fallen to a 6-day low of 1.6415 at 4:00 am ET. The pair had ended Tuesday's trading at 1.6479.

Looking ahead, at 8:15 am ET, ADP private payrolls data for July is set for release.

U.S. and Canadian trade data for June and and ISM non-manufacturing composite index for July will be released in the New York session.

For comments and feedback: contact editorial@rttnews.com

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