Forex News: Euro Rises Amid Risk-On Mood

Euro Rises Amid Risk-On Mood

(RTTNews) - The euro strengthened against other major currencies in the pre-European session on Thursday as European shares traded higher, amid positive sentiment generated by the conclusion of the longest federal closure in U.S. history. An improved global risk sentiment and updates to earnings are seen swaying sentiment even as concerns about tech valuation lingered.

Traders await the Eurozone industrial production due later in the day and is expected to have increased in September.

Late on Wednesday, US President Donald Trump signed the legislation ending a 43-day government shutdown and enabling the release of a backlog of US macroeconomic data.

All eyes are focused on a speech from European Central Bank (ECB) Vice-Chair of the Supervisory Board, Frank Elderson, later in the day.

In the European trading today, the euro rose to a 33-year high of 179.69 against the yen, a 2-1/2-year high of 0.8844 against the pound and a 2-week high of 1.1606 against the U.S. dollar, from early lows of 179.23, 0.8827 and 1.1579, respectively. If the euro extends its uptrend, it is likely to find resistance around 180.00 against the yen, 0.89 against the pound and 1.18 against the greenback.

The euro edged up to 0.9259 against the Swiss franc, from an early low of 0.9246. The euro may test resistance around the 0.93 region.

Against the New Zealand and the Canadian dollars, the euro advanced to a 3-day high of 2.0555 and a 2-day high of 1.6250 from early lows of 2.0458 and 1.6217, respectively. The next possible upside target for the euro is seen around 2.07 against the kiwi and 1.63 against the loonie.

Looking ahead, U.K. NIESR monthly GDP tracker for October and U.S. EIA crude oil data are slated for release in the New York session.

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