Euro Showing Strength Against Most Majors

RTTNews | hace 939
Euro Showing Strength Against Most Majors

(RTTNews) - The euro was higher against its most major counterparts in the European session on Tuesday, as a pullback in U.S. treasury yields helped lift sentiment.

European markets are mostly higher, following a selloff in the previous session on fears that the Fed's aggressive policy tightening to curb high inflation could trigger a recession.

All eyes are on the Fed decision, with economists expecting another 50 basis point hike for the second consecutive meeting.

The Fed will release economic and interest rate forecasts on Wednesday that will provide more clues on future rate hikes.

Final data from Destatis showed that German consumer price inflation accelerated to a new record high in May, as initially estimated, driven by higher energy prices.

Consumer price inflation rose to 7.9 percent in May from 7.4 percent in April. The rate came in line with the flash estimate published on May 30.

The euro rose to 140.78 against the yen and 1.0485 against the greenback, up from an early low of 139.48 and a fresh 4-week low of 1.0397, respectively. The currency is likely to face resistance around 143.00 against the yen and 1.06 against the greenback.

The euro appreciated to near a 5-week high of 0.8614 against the pound, from a low of 0.8552 it touched at 2 am ET. On the upside, 0.88 is possibly seen as its next resistance level.

The euro climbed to near a 3-week high of 1.5116 against the aussie, near 5-week high of 1.6740 against the kiwi and a 5-day high of 1.3529 against the loonie, after falling to 1.4969, 1.6585 and 1.3409, respectively in early deals. The euro is seen finding resistance around 1.53 against the aussie, 1.72 against the kiwi and 1.38 against the loonie.

In contrast, the euro weakened against the franc, hitting an 8-day low of 1.0340. The euro is poised to target support around the 1.00 mark.

Looking ahead, Canada manufacturing sales for April and U.S. PPI for May will be out in the New York session.

read more
Euro Falls On Tariff Concerns

Euro Falls On Tariff Concerns

The euro dropped against its most major counterparts in the New York session on Wednesday on concerns that implementation of new tariffs by the incoming Donald Trump administration could lift inflation.
RTTNews | hace 6h 51min
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Wednesday.
RTTNews | hace 13h 1min
U.S. Dollar Rises On Hawkish FOMC Rate Outlook

U.S. Dollar Rises On Hawkish FOMC Rate Outlook

The U.S. dollar strengthened against other major currencies in the European session on Wednesday, as traders await the minutes of the Federal Open Market Committee (FOMC) meeting, scheduled for release later in the day.
RTTNews | hace 14h 0min
Australian Dollar Falls Amid RBA Rate Cut Speculation

Australian Dollar Falls Amid RBA Rate Cut Speculation

The Australian dollar weakened against other major currencies in the Asian session on Wednesday, as a slowing Core CPI renewed hopes of a rate cut by the Reserve Bank of Australia in February.
RTTNews | hace 16h 49min
U.S. Dollar Climbs After Solid Economic Data

U.S. Dollar Climbs After Solid Economic Data

The U.S. dollar advanced against its major counterparts in the New York session on Tuesday, as strong economic data supported expectations of slower rate cuts by the Federal Reserve.
RTTNews | hace 1