Forex News: Euro Rises On Lebanon Ceasefire Agreement

Euro Rises On Lebanon Ceasefire Agreement

(RTTNews) - The euro strengthened against other major currencies in the European session on Thursday, as market sentiment improved following the announcement of a truce in Lebanon, despite the release of weak Eurozone retail sales report. Israel and Lebanon agreed to implement a ceasefire. Lower oil prices and comments from U.S. President Donald Trump that U.S.-Iran talks could produce a positive outcome by this weekend contributed as well to the positive mood in the market. Meanwhile, regional gains remained capped by fresh jitters over private credit markets, tariff worries and concerns about inflation and interest rates.

Data from Eurostat showed that Eurozone retail sales declined more than expected in April reflecting decreases in non-food and auto fuel sales. Retail sales fell 0.4 percent on a monthly basis in April, in contrast to the 0.8 percent rise in March. Sales were expected to drop 0.3 percent.

On a yearly basis, retail sales growth eased to 1.0 percent from 2.1 percent in March.

In the European trading today, the euro rose to a 4-day high of 0.8656 against the pound, from an early low of 0.8642. The euro may test resistance around the 0.87 region.

Against the U.S. dollar, the Swiss franc and the yen, the euro advanced to 1.1631, 0.9191 and 185.96 from early lows of 1.1599, 0.9176 and 185.38, respectively. If the euro extends its uptrend, it is likely to find resistance around 1.17 against the greenback, 0.92 against the franc and 188.00 against the yen.

Against Australia, the New Zealand and the Canadian dollars, the euro climbed to a 1-week high of 1.6302, an 8-day high of 1.9803 and nearly a 2-month high of 1.6167 from early lows of 1.6268, 1.9756 and 1.6122, respectively. The next possible upside target for the euro is seen around 1.64 against the aussie, 2.00 against the kiwi and 1.62 against the loonie.

Looking ahead, U.S. weekly jobless claims data is due to be released in the New York session.

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