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Forex News: Euro Remains Firm After Eurozone Inflation Data

Euro Remains Firm After Eurozone Inflation Data

04/29/2022 - 08:22:00 (RTTNews)

(RTTNews) - The euro held firm against its most major rivals in the European session on Friday, as Eurozone inflation accelerated to a record high in April and amid a pullback in the U.S. dollar following a recent surge.

Flash data from Eurostat showed that inflation rose to 7.5 percent from 7.4 percent in March. The rate was in line with expectations.

Core inflation that excludes energy, food, alcohol and tobacco, advanced to 3.5 percent from 2.9 percent. Economists had forecast an annual rate of 3.2 percent.

The latest data is likely to increase pressure on the European Central Bank to raise interest rates sooner rather than later.

European shares are higher, with strong earnings reports and a rally in technology stocks lifting sentiment.

The euro climbed to a 2-day high of 1.0593 against the greenback and a 3-day high of 1.0266 against the franc, off its early lows of 1.0491 and 1.0195, respectively. The euro is seen finding resistance around 1.08 against the greenback and 1.045 against the franc.

The euro edged up to 137.98 against the yen, but it has since eased to 137.02. The pair had ended yesterday's deals at 137.24.

In contrast, the euro was lower against the pound, with the pair trading at 0.8397. The euro may face support around the 0.81 region.

The euro fell back to 1.4708 against the aussie, on track to pierce a 1-week low of 1.4694 seen in the previous session. On the downside, 1.45 is seen as its next likely support level.

The euro retreated to 1.6134 against the kiwi, from a high of 1.6227 hit at 4:30 am ET. The euro is likely test support around the 1.60 area.

Against the loonie, it was trading lower at 1.3431 and is heading to pierce a multi-year low of 1.3416 it touched in the previous session. Immediate support for the currency is likely seen around the 1.31 level.

Looking ahead, Canada GDP data for February, U.S. personal income and spending data for March and University of Michigan's final consumer sentiment index for April will be featured in the New York session.

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