Euro Advances Amid Risk Appetite
28 August 2023 - 10:53AM
RTTF2
The euro was higher against its major counterparts in the
European session on Monday amid risk appetite, as China announced
new measures to revive its capital markets and boost investor
confidence.
China approved the launch of 37 retail funds over the weekend
and also halved the stamp duty on stock trading in the latest
attempt to boost struggling markets.
The new measures to woo investors came as data showed China's
industrial profits extended a slump into a seventh month.
Investors await a slew of key economic data, including the
personal consumption expenditures price index and non-farm
payrolls, for more clues on interest rate outlook.
Futures imply around an 80 percent chance of a steady outcome at
the Sept. 20 meeting, but a 58 percent probability of a hike by
year end.
The euro rose to 1.0822 against the greenback and 1.6883 against
the aussie, from its early lows of 1.0792 and 1.6783, respectively.
The currency is seen facing resistance around 1.10 against the
greenback and 1.70 against the aussie.
The euro climbed to near a 2-week high of 0.8598 against the
pound and a 6-day high of 158.56 against the yen, off its early
lows of 0.8566 and 157.96, respectively. Next key resistance for
the currency may be located around 0.88 against the pound and
160.00 against the yen.
The euro touched 1.8335 against the kiwi, setting a 6-day high.
On the upside, 1.85 is possibly seen as its next resistance
level.
Against the loonie, the euro ticked up to 1.4717. If the
currency rises further, 1.49 is likely seen as its next upside
target level.
The euro rebounded to 0.9558 against the franc, after falling to
a 4-day low of 0.9533 in the previous session. The currency may
challenge resistance around the 0.98 level.
Euro vs NZD (FX:EURNZD)
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Euro vs NZD (FX:EURNZD)
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