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Forex News: Euro Higher As Eurozone Inflation Accelerates To Near

Euro Higher As Eurozone Inflation Accelerates To Near 10-year High

08/31/2021 - 07:22:00 (RTTNews)

(RTTNews) - The euro was higher against its most major counterparts in the European session on Tuesday, as Eurozone inflation jumped to near a 10-year high in August, putting pressure on policymakers to pull back stimulus measures to prevent an overheating of the economy.

Flash data from Eurostat showed that Eurozone inflation accelerated more-than-expected in August.

Inflation rose to 3.0 percent in August from 2.2 percent in July. The rate was above the expected 2.7 percent.

Core inflation that excludes energy, food, alcohol and tobacco climbed to 1.6 percent in August from 0.7 percent last month. Economists had forecast a rise of 1.5 percent.

Risk sentiment was underpinned by Fed Chair Jerome Powell's assurance that the central bank won't rush to raise rates in order to attain more improvement in the labor market. The prospects of continued policy support outweighed concerns about the economic impact of the Delta variant of the virus.

The euro climbed to 1.1832 against the greenback, its highest level since August 6. The euro is seen finding resistance around the 1.20 level.

The euro spiked up to a fresh 4-week high of 130.05 against the yen from Monday's close of 129.65. Next key resistance for the euro is seen around the 132.00 region.

The euro appreciated to an 8-day high of 0.8592 against the pound, from a 4-day low of 0.8562 seen at 5 pm ET. Immediate resistance for the euro is likely seen around the 0.88 level.

In contrast, the European currency pulled back to 1.0801 against the franc, after rising to nearly a 3-week high of 1.0832 at 3:15 am ET. The euro may locate support around the 1.06 level.

The euro retreated to 1.4869 against the loonie, from a high of 1.4906 set at 10:45 pm ET. The euro is poised to challenge support around the 1.46 level.

The euro held steady against the kiwi, after having fallen to nearly a 3-week low of 1.6730 in the Asian session. The pair was trading at 1.6851 at yesterday's close.

The euro held steady against the aussie, after dropping to a 2-week low of 1.6114 from a 4-day high of 1.6196 logged in the Asian session. The pair had ended yesterday's trading at 1.6160.

Looking ahead, Canada GDP data for the second quarter, U.S. consumer confidence index for August, FHFA's house price index and S&P/Case-Shiller home price index for June will be released in the New York session.

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