Euro Higher Against Majors
April 08 2024 - 9:05AM
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The euro advanced against its most major counterparts in the New
York session on Monday, as investors await central bank meetings
and U.S. inflation data for more clues on the policy outlook.
The European Central Bank's interest rate decision is due on
Thursday. The central bank is expected to keep its key rates
unchanged while laying the ground for a first interest-rate cut in
June.
U.S. consumer and producer inflation data for March are due to
be released on Wednesday and Thursday, respectively.
Wednesday will also see the release of the minutes of the Fed's
latest monetary policy meeting, which could shed additional light
on officials' thinking on rates.
In economic news, data from the behavioral research institute
Sentix showed that Euro area investor confidence strengthened for
the sixth month in a row to reach a 26-month high in April as
expectations turned positive for the first time since the start of
the war in Ukraine.
The headline investor sentiment index advanced to -5.9 in April
from -10.5 in March, This was the highest score since February
2022.
The euro climbed to 4-day highs of 1.0858 against the greenback,
164.85 against the yen and 0.9830 against the franc, off its early
lows of 1.0820, 164.19 and 0.9765, respectively. The next possible
resistance for the currency is seen around 1.10 against the
greenback, 167.00 against the yen and 1.00 against the franc.
The euro touched 1.4750 against the loonie, its highest level
since March 20. The currency is likely to locate resistance around
the 1.49 level.
In contrast, the euro fell to a 4-day low of 1.7967 against the
kiwi and more than a 2-month low of 1.6412 against the aussie, from
an early 5-day high of 1.8045 and a 4-day high of 1.6505,
respectively. The euro is seen finding support around 1.74 against
the kiwi and 1.61 against the aussie.
The euro eased against the pound and was trading at 0.8579. If
the currency falls further, it is likely to test support around the
0.84 region.
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