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Forex News: Euro Strengthens On Global Growth Hopes

Euro Strengthens On Global Growth Hopes

04/06/2021 - 06:45:00 (RTTNews)

(RTTNews) - The euro appreciated against its major counterparts during European deals on Tuesday amid risk appetite, as positive economic data from China and the United States fueled hopes of a faster economic recovery across the globe.

China's service sector activity accelerated in March to the highest since December.

The Caixin Purchasing Managers' Index rose to 54.3 in March from 51.5 in February.

U.S. services activity soared to an all-time high in March, according to a report by the Institute for Supply Management on Monday.

The ISM said its services PMI jumped to 63.7 in March from 55.3 in February, with a reading above 50 indicating expansion.

The data added to optimism about a swift economic recovery in the wake of a strong U.S. nonfarm payrolls data in March.

Preliminary figures from Eurostat showed that euro area unemployment rate remained unchanged in February after rising in the previous month.

The seasonally-adjusted unemployment rate was 8.3 percent, unchanged from January.

Economists had expected the rate to remain steady at January's original figure of 8.1 percent.

The euro climbed to 130.55 against the yen, its highest level since March 18. The euro is seen finding resistance around the 132.00 level.

The euro touched a 1-week high of 0.8546 against the pound, up from Monday's close of 0.8492. On the upside, 0.88 is possibly seen as the next resistance level for the euro.

The single currency reversed from an early low of 1.1050 against the franc, rising to 1.1088. If the euro climbs further, 1.14 is likely seen as its next resistance level.

The 19-nation currency moved up to an 8-day high of 1.4834 against the loonie, 5-day highs of 1.6847 against the kiwi and 1.5527 against the aussie, coming off from its early lows of 1.4784, 1.6713 and 1.5424, respectively. The next possible resistance for the euro is seen around 1.50 against the loonie, 1.70 against the kiwi and 1.57 against the aussie.

The euro remained higher against the greenback, at 1.1822. This was its strongest level since March 25. Next key resistance for the euro is seen around the 1.20 region.

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