Forex News: Euro Rises Amid Risk-on Mood

Euro Rises Amid Risk-on Mood

(RTTNews) - The euro strengthened against other major currencies in the European session on Tuesday, as European stocks traded higher as Brent crude prices dipped below $100 a barrel on signs of resilient Middle Eastern crude exports and Euro zone bond yields fell, helping reduce the spread between French and German 10-year yields.

Investors shrugged off data that showed German factory orders plunged 10.6 percent from the previous month in August, in contrast to the 3.2 percent rise in July.

Also, separate data showed Germany's construction sector contracted notably in September, led by a steep reduction in work on housing projects. The euro traded lower recently against its major currencies amid concerns about France's fiscal outlook and political uncertainty ahead of the April 2027 elections.

In the European trading today, the euro rose to a 4-day high of 0.9360 against the Swiss franc, from an early low of 0.9320. The euro is likely to find resistance around the 0.94 region.

Against the U.S. dollar, the yen and the pound, the euro advanced to 1.1247, 177.93 and 0.8494 from early lows of 1.1203, 177.04 and 0.8480, respectively. If the euro extends its uptrend, it is likely to find resistance around 1.15 against the greenback, 181.00 against the yen and 0.85 against the pound.

Against Australia, the New Zealand and the Canadian dollars, the euro edged up to 1.6134, 2.0073 and 1.6050 from early lows of 1.6080, 2.0015 and 1.5993, respectively. On the upside, 1.64 against the aussie, 2.02 against the kiwi and 1.61 against the loonie are seen as the next resistance levels for the euro. Looking ahead, U.S. LMI logistics managers index for September, U.S. weekly ADP employment data, U.S. and Canada trade data for August, Canada Ivey's PMI data for September and U.S. RCM/TIPP economic optimism index for October are slated for release in the New York session.

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