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 Monday, as European stocks traded higher with hopes for a Federal Reserve rate cut in December and signs of progress on a Ukraine peace plan helping boost investor sentiment.

Meanwhile, traders shrugged off the results of a survey, which showed German business morale unexpectedly fell in November.

The ifo institute said its business climate index fell to 88.1 in November from 88.4 in October. Economists had expected a score of 88.6.

In the European trading today, the euro rose to a 2-week high of 0.9325 against the Swiss franc, from an early low of 0.9301. On the upside, 0.94 is seen as the next resistance level for the euro.

The euro advanced to 0.8815 against the pound and 180.93 against the yen, from early lows of 0.8787 and 180.27, respectively. The euro may test resistance around 0.89 against the pound and 182.00 against the yen.

Against the U.S., the Australia and the New Zealand dollars, the euro edged up to 1.1542. 1.7903 and 2.0600 from early lows of 180.27, 1.1502, 1.7807 and 2.0504, respectively. If the euro extends its uptrend, it is likely to find resistance around 1.18 against the greenback, 1.81 against the aussie and 2.07 against the kiwi.

Against the Canadian dollar, the euro reached Friday's high of 1.6285from an early low of 1.6220. The next resistance level for the euro is seen around the 1.64 region.

Looking ahead, Canada manufacturing sales data for October and U.S. Dallas Fed manufacturing index for November are slated for release in the New York session.

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