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Forex News: Euro Rises As European Shares Edged Higher

Euro Rises As European Shares Edged Higher

02/29/2024 - 06:07:00 (RTTNews)

(RTTNews) - The euro strengthened against other major currencies in the European session on Thursday, as European stocks traded slightly higher after data showed Spanish inflation cooled sharply in February.

Also, French inflation eased to its weakest level since September 2021, fueling debate on when the European Central Bank would cut interest rates.

German inflation figures and the Fed's favorite inflation gauge may garner investor attention later in the day, ahead of the euro area's figures on Friday.

The German DAX rose 0.4 percent, France's CAC 40 inched up 0.1 percent and the U.K.'s FTSE 100 edged up 15 points, or 0.2 percent, at 7,640.

The European currency traded slightly lower against its major counterparts in the Asian trading today.

In the European trading now, the euro rose to a 1-week high of 0.8571 against the pound and a 2-day high of 1.0855 against the U.S. dollar, from early low of 0.8552 and 1.0826, respectively. If the euro extends its uptrend, it is likely to find resistance around 0.86 against the pound and 1.09 against the greenback.

The euro edged up to 0.9542 against the Swiss franc, from an early low of 0.9515. On the upside, 0.96 is seen as the next resistance level for the euro.

Moving away from an early 8-day low of 162.05 against the yen, the euro rebounded to 162.70. The next possible upside target for the euro is seen around the 164.00 region.

Against Australia, the New Zealand and the Canadian dollars, the euro advanced to more than a 3-month high of 1.6698, more than a 1-month high of 1.7839 and a 2-1/2-month high of 1.4748 from early lows of 1.6617, 1.7738 and 1.4698, respectively. The euro may test resistance near 1.68 against the aussie, 1.80 against the kiwi and 1.49 against the loonie.

Looking ahead, Germany flash consumer and harmonized prices for February, Canada GDP data for the fourth quarter, U.S. core PCE index for January, weekly jobless claims data, personal income and spending data for January, U.S. Chicago PMI for February, pending home sales data for January and U.S. Kansas Fed manufacturing index for February are set to be published in the New York session.

At 10:50 am ET, Federal Reserve Bank of Atlanta President Raphael Bostic will deliver a speech on the economic outlook, monetary policy and the state of the banking industry before the 2024 Banking Outlook Conference hosted by the Federal Reserve Bank of Atlanta, in Atlanta, U.S.

Ten minutes later, Federal Reserve Bank of Chicago President Austan Goolsbee will speak virtually on "Monetary Policy at an Unusual Time" before webinar event hosted by the Princeton University Bendheim Center for Finance.

At 1:15 pm ET, Federal Reserve Bank of Cleveland President Loretta Mester will deliver a speech on "Financial Stability/Regulation" before the Columbia University/Bank Policy Institute 2024 Bank Regulation Research Conference, in New York, U.S.

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