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Forex News: Euro Higher On U.S.-China Trade Hopes, Positive German

Euro Higher On U.S.-China Trade Hopes, Positive German Data

08/25/2020 - 06:16:00 (RTTNews)

(RTTNews) - The euro spiked up against its major counterparts in the European session on Tuesday, as easing U.S.-China tensions, a pick up in German business confidence and positive German GDP data boosted risk sentiment.

Revised quarterly national accounts from Destatis showed that German economy contracted less than initially estimated in the second quarter.

Gross domestic product fell 9.7 percent sequentially after shrinking 2 percent in the first quarter. The rate was revised down from -10.1 percent estimated on July 30.

Survey data from ifo Institute showed that German business confidence improved in August.

The business confidence index rose to 92.6 in August from 90.4 in July. This was the fourth consecutive rise and above economists' forecast of 92.2.

Investors cheered signs of progress in U.S.-China trade talks after the two parties spoke on the phone and agreed to "push forward" their phase one deal reached in January.

Washington said the parties "addressed steps that China has taken to effectuate structural changes called for by the agreement".

Beijing said the two sides had a "constructive dialogue" on creating conditions and atmosphere to continue to push forward the implementation of the Phase one agreement.

The EUR/JPY pair hit 125.84, marking a 6-day high. Next key resistance for the euro is found around the 128.00 region.

The euro reached as high as 1.0768 against the franc, compared to a 4-day low of 1.0742 seen in the previous session. The next likely resistance for the euro is seen around the 1.10 level.

The euro extended rally to 1.1843 against the greenback from yesterday's closing value of 1.1787. On the upside, 1.20 is likely seen as the next resistance level for the currency.

After falling to 0.9005 against the pound at 12:00 am ET, the euro edged higher to 0.9037. The euro may challenge resistance around the 0.92 level.

The euro approached a 4-day high of 1.8136 against the kiwi, 5-day peaks of 1.6522 against the aussie and 1.5647 against the loonie, up from Monday's closing values of 1.8058, 1.6456 and 1.5579, respectively. The EUR/AUD pair had set a 4-day low of 1.6435 in the Asian session. The euro is poised to find resistance around 1.87 against the kiwi, 1.69 against the aussie and 1.60 against the loonie.

Looking ahead, U.S. consumer sentiment index for August, new home sales for July, Federal Housing Finance Agency's house price index and S&P/Case-Shiller home price index for June are scheduled for release in the New York session.

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