Forex News: Euro Rises Amid Rumors Of A Ceasefire In

Euro Rises Amid Rumors Of A Ceasefire In Ukraine

(RTTNews) - The euro strengthened against other major currencies in the European session on Friday, amid news of a peace agreement between Russia and Ukraine.

Some media reported that Russia and Ukraine are moving closer to a deal has overshadowed the sad market attitude about the tenuous ceasefire in Iran.

Investors welcomed media reports that a senior aide to Ukrainian President Volodymyr Zelenskyy saying that Kyiv is nearing a peace deal with Russia.

A senior Kremlin official has supported those statements, stating that if Zelenskyy takes the choice, there can be peace today.

Earlier in the day, the euro was on the defensive as market sentiment was affected by Iran's fragile ceasefire. In light of the US and Israel's claimed breaches of the 10-point ceasefire agreement, Tehran expressed doubt about its involvement in the peace negotiations set for this weekend in Pakistan's capital.

However, less than 10% of the average traffic has crossed the Strait of Hormuz in the past 24 hours due to mines and bureaucracy maintaining a de facto blockade, according to US President Trump's criticism of Iran's poor management of the waterway.

In economic releases, Germany's consumer price inflation reached the strongest since January 2024 due to the significant rise in energy prices following the Iran war, final data from Destatis revealed.

Consumer price inflation rose to 2.7 percent in March from 1.9 percent in February.

The rate came in line with the preliminary estimate published on March 30. The 2.7 percent was the highest level recorded since January 2024.

EU harmonized inflation advanced to 2.8 percent, as estimated, from 2.0 percent in February.

German consumer price data for March indicated increased inflationary pressures brought on by the conflict in Iran and increased pressure on the European Central Bank (ECB) to raise interest rates in the near future.

European stock markets traded higher after Israeli Prime Minister Benjamin Netanyahu announced that his country was ready for direct negotiations with Lebanon, while insisting that Israel's attacks across the country targeting Hezbollah would continue.

The US Consumer Price Index (CPI) data from March, which is likewise anticipated to have indicated a notable acceleration and might tip the scales in favor of the Federal Reserve's balanced monetary policy stance, will be the main focus later in the day.

In the European trading today, the euro rose to a 2-day high of 0.8718 against the pound, a 2-month high of 186.55 against the yen and yesterday's high of 0.9252 against the Swiss franc, from early lows of 0.8704, 185.95 and 0.9228, respectively.

Against the U.S., the Australia and the New Zealand dollars, the euro advanced to 1.1716, 1.6579 and 1.9860 from early lows of 1.1677, 1.6508 and 1.9636, respectively.

Against the Canadian dollar, the euro jumped to a 2-day high of 1.6213 from an early low of 1.6155.

If the euro extends its uptrend, it is likely to find resistance around 0.88 against the pound, 187.00 against the yen, 0.93 against the franc, 1.20 against the greenback, 1.69 against the aussie, 2.04 against the kiwi and 1.64 against the loonie.

Looking ahead, Canada jobs data for March, U.S. CPI data for March, factory orders for February, U.S. University of Michigan's consumer sentiment data for April and U.S. Baker Hughes oil rig count data are slated for release in the New York session.

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