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Forex News: Euro Higher On Bets Of Peak Interest Rates

Euro Higher On Bets Of Peak Interest Rates

11/03/2023 - 08:08:00 (RTTNews)

(RTTNews) - The euro climbed against its major counterparts in the European session on Friday, as weak U.S. economic data released overnight spurred bets that the Federal Reserve was done with its rate hikes for the year.

The monthly U.S. jobs report is likely to be in the spotlight today, with economists expecting employment to increase by 180,000 jobs in October after an increase of 336,000 jobs in September. The unemployment rate is expected to remain at 3.8 percent.

Meanwhile, investors shrugged off data showing that Germany's exports declined more than expected in September.

Exports decreased 2.4 percent month-on-month, in contrast to the 0.1 percent gain in August, Destatis reported. Economists had forecast shipments to decline 1.1 percent.

Elsewhere, data showed that industrial production in France fell for the second successive month in September.

The euro climbed to 1.0648 against the greenback and 0.8721 against the pound, from its previous lows of 1.0614 and 0.8698, respectively. The euro is seen finding resistance around 1.09 against the greenback and 0.90 against the pound.

The euro edged up to 160.04 against the yen and 1.6534 against the aussie, off its early lows of 159.59 and 1.6485, respectively. The next possible resistance for the euro is seen around 163.00 against the yen and 1.68 against the aussie.

The euro rose to 0.9644 against the franc, reaching a fresh 4-week high. If the euro rises further, it may find resistance around the 0.985 level.

The euro climbed to 1.4635 against the loonie, from an early 1-week low of 1.4577. On the upside, 1.48 is possibly seen as its next resistance level.

In contrast, the euro weakened against the kiwi, touching more than a 2-week low of 1.7964. Next near term support for the currency is seen around the 1.74 level.

U.S. and Canadian jobs data and ISM services PMI for October will be out in the New York session.

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