Euro Higher Against Majors
28 September 2023 - 1:31PM
RTTF2
The euro advanced against its major counterparts in the European
session on Thursday, as the dollar took a breather after a strong
rally.
U.S. weekly jobless claims rose less than expected last week and
economic growth in the second quarter was unrevised from the
previous estimate, lifting investor sentiment.
Data from the Commerce Department showed that real gross
domestic product increased by 2.1 percent in the second quarter,
unrevised from the estimate provided last month. The unrevised
reading matched economist estimates.
Initial jobless claims crept up to 204,000 in the week ended
September 23, down from expectations of 215,000.
Data from Destatis showed that German inflation slowed in
September to the lowest since the outbreak of the war in
Ukraine.
The consumer price index registered an annual increase of 4.5
percent in September, following a 6.1 percent rise in August. This
was the lowest rate since February 2022, when inflation stood at
4.3 percent and also weaker than economists' forecast of 4.6
percent.
Core inflation, excluding food and energy, softened to 4.6
percent from 5.5 percent in the previous month.
The euro recovered to 157.55 against the yen and 0.8657 against
the pound, from an early 2-week low of 156.70 and a 1-week low of
0.8628, respectively. The next possible resistance for the currency
is located around 159.00 against the yen and 0.88 against the
pound.
The euro edged up to 0.9685 against the franc and 1.0558 against
the greenback, off its early lows of 0.9658 and 1.0490,
respectively. The euro is seen finding resistance around 0.98
against the franc and 1.09 against the greenback.
The euro rebounded to 1.7737 against the kiwi and 1.4250 against
the loonie, up from an early more than 2-month low of 1.7660 and a
9-1/2-month low of 1.4157, respectively. The euro may find
resistance around 1.83 against the kiwi and 1.44 against the
loonie.
In contrast, the euro fell to 1.6454 against the aussie, setting
nearly a 2-week low. If the currency falls further, 1.61 is likely
seen as its next support level.
Euro vs NZD (FX:EURNZD)
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