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Forex News: Euro Strengthens As Eurozone Economic Confidence Improves, E

Euro Strengthens As Eurozone Economic Confidence Improves, European Shares Rally

02/25/2021 - 07:38:00 (RTTNews)

(RTTNews) - The euro moved higher against its major counterparts in the European session on Thursday, as Eurozone economic confidence index improved in February and risk sentiment was underpinned by Fed Chair Jerome Powell's pledge to maintain low interest rates until the U.S. economy makes a solid recovery.

Survey results from the European Commission showed that Eurozone economic confidence improved to a one-year high in February on rising sentiment in industry, services and among consumers, reflecting the easing of strict restrictions related to Covid-19 pandemic.

The economic sentiment index rose more-than-expected to 93.4 from 91.5 in the previous month. The score was forecast to climb to 92 in February

Powell reiterated that the central bank would keep policy accommodative until the economy attains its targets for inflation and employment.

The Fed chief said that inflation and employment remain well below the central bank's objectives and would require some time for substantial further progress to be achieved.

Promising new data on Johnson & Johnson's coronavirus vaccine and a much bigger than expected jump in new home sales in the U.S. in the month of January also boosted sentiment.

The euro appreciated to a 1-1/2-year high of 1.1098 against the franc and a 1-1/2-month high of 1.2238 against the greenback, after falling to 1.1020 and 1.2156, respectively in early deals. Immediate resistance for the euro is found near 1.12 against the franc and 1.24 against the greenback.

The euro reversed from its early lows of 128.72 against the yen and 0.8597 against the pound and advanced to more than a 2-year high of 129.87 and a 2-day high of 0.8650, respectively. If the euro rises further, 131.5 and 0.88 are possibly seen as its next resistance levels against the yen and the pound, respectively.

The European currency rebounded to 1.5276 against the loonie, 1.6439 against the kiwi and 1.5322 against the aussie, off its prior lows of 1.5214 and 1.6337 and more than a 3-year low of 1.5253, respectively. The euro is seen finding resistance around 1.54 against the loonie, 1.66 against the kiwi and 1.55 against the aussie.

Looking ahead, U.S. durable goods orders for January, GDP data for the fourth quarter, weekly jobless claims for the week ended February 20 and pending home sales for January will be featured in the New York session.

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