Euro Recovers As European Shares Edge Up Before Powell's Speech
25 August 2023 - 11:39AM
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The euro rebounded against its most major counterparts in the
European session on Friday, as European stocks rose after the
release of some encouraging regional data.
Destatis reported that the German economy stabilized in spring
after slight declines in the previous two quarters.
Gross domestic product posted nil growth in the second quarter
after a 0.1 percent fall in the first quarter and a 0.4 percent
decline in the fourth quarter of 2022.
Investors focus on Fed Chair Jerome Powell's speech at the
Jackson Hole Symposium later in the day for clues on U.S. interest
rates.
It is likely that Powell could signal the likelihood of high
interest rates for longer to curb inflation.
The euro edged up to 1.0816 against the greenback and 1.4698
against the loonie, from an early multi-month low of 1.0765 and a
multi-week low of 1.4628, respectively. The currency is seen facing
resistance around 1.10 against the greenback and 1.48 against the
loonie.
The euro touched 0.9569 against the franc, setting a 3-day high.
On the upside, 0.98 is possibly seen as its next resistance
level.
The euro rebounded modestly against the aussie and was trading
at 1.6827. Against the yen, it ticked up to 157.83. Next key
resistance for the currency may be located around 1.70 against the
aussie and 159.00 against the yen.
The euro held steady against the kiwi, after easing from a 3-day
high of 1.8295 seen in the previous session. The pair was worth
1.8247 at yesterday's close.
After rising to a 9-day high of 0.8585 in the previous session,
the euro retreated against the pound and held steady thereafter.
The pair had closed yesterday's deals at 0.8578.
Looking ahead, University of Michigan's final consumer sentiment
index for August will be featured in the New York session.
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