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Forex News: Euro Strengthens As Eurozone Business Activity Improves To

Euro Strengthens As Eurozone Business Activity Improves To 9-month High

04/23/2021 - 06:18:00 (RTTNews)

(RTTNews) - The euro moved higher against its major trading partners in the European session on Friday, as Eurozone business activity accelerated in April to the highest since last July due to a record expansion in manufacturing output and a return to growth in the service sector after the imposition of restrictions. Flash data from IHS Markit showed that the composite PMI rose to 53.7 in April from 53.2 in March. The expected score was 52.8.

The services PMI climbed to an 8-month high of 50.3 from 49.6 in March. Economists had expected a score of 49.1.

The factory Purchasing Managers' Index jumped to 63.3 in April from 62.5 in March. The expansion was the highest on record.

European Central Bank President Christine Lagarde on Thursday dampened hopes for a withdrawal of stimulus despite an improving economic outlook. Lagarde projected a strong rebound in the economy from mid-year, led by faster vaccination rates and the reopening of the economy.

The euro appreciated to an 8-day high of 1.1051 against the franc from Thursday's closing value of 1.1016. If the euro rises further, it may find resistance around the 1.12 region.

The euro climbed to 1.2061 against the greenback and 130.14 against the yen, after falling to 1.2013 and a fresh 2-week low of 129.59, respectively in early deals. The euro is seen finding resistance around 1.23 against the greenback and 132.00 against the yen.

The European currency edged up to 0.8699 against the pound, compared to yesterday's close of 0.8678. The euro is likely to find resistance around the 0.88 level.

Data from the Office for National Statistics showed that UK retail sales grew more than expected in March as the easing of the restrictions related to the coronavirus lifted consumer spending.

Retail sales volume grew 5.4 percent month-on-month, faster than the 2.2 percent increase in February. This was the biggest growth since June 2020 and also better than the economists' forecast of 1.5 percent.

The euro was up against the loonie, at 1.5057. Versus the kiwi, the euro bounced off to 1.6799. On the upside, 1.52 and 1.72 are possibly seen as its next resistance levels against the loonie and the kiwi, respectively.

The single currency rose back to 1.5592 against the aussie, heading to pierce its Asian session's 2-day high of 1.5605. Next key resistance for the currency is seen around the 1.61 level.

Looking ahead, U.S. new home sales for March are scheduled for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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