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Forex News: Euro In Positive Territory After Lagarde's Remarks

Euro In Positive Territory After Lagarde's Remarks

01/19/2023 - 10:44:00 (RTTNews)

(RTTNews) - The euro was higher against its major counterparts in the European session on Thursday, as European Central Bank President Christine Lagarde affirmed that the central bank will keep raising interest rates to rein in inflation.

Speaking at a panel at the World Economic Forum in Davos, Switzerland, Lagarde reiterated that the ECB is determined to bring down inflation to 2 percent target and would move ahead with more interest rate hikes.

"We shall stay the course until such time when we have moved into restrictive territory for long enough so that we can return inflation to 2% in a timely manner," Lagarde said.

Data from the European Central Bank showed that euro area current account balance turned to a surplus for the first time in nine months in November, underpinned by the improvement in foreign trade.

The current account surplus for November was EUR 14 billion, versus a EUR 1.0 billion shortfall in October.

The euro rose to 1.0838 against the greenback around 5:30 am ET, but it has since eased to 1.0796. At yesterday's trading close, the pair was quoted at 1.0794.

The euro advanced to 139.43 against the yen, off an early fresh 2-week low of 137.91. Against the franc, it edged up to 0.9932. The euro is seen finding resistance around 141.00 against the yen and 1.05 against the franc.

The euro climbed to 0.8787 against the pound, from an early multi-week low of 0.8733. Next key resistance for the currency is seen around the 0.89 level.

The euro touched 1.4640 against the loonie, its highest level in more than a year. The currency is likely to find resistance around the 1.48 level.

Extending its previous session's rally, the euro appreciated to a 3-day high of 1.6984 against the kiwi and near a 3-week high of 1.5750 against the aussie. The currency is poised to find resistance around 1.73 against the kiwi and 1.61 against the aussie.

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