Euro Rises Amid Risk Appetite
20 Mai 2016 - 8:15AM
RTTF2
The euro strengthened against the other major currencies in
early European session on Friday amid risk appetite, as oil and
metal prices rose and investors turned their attention to the G7
meeting of central bankers and finance ministers that could provide
some clarity over the conduct of global monetary and fiscal
policies.
The U.K.'s FTSE 100 index is currently up 1.38 percent or 83.71
points at 6,137, France's CAC 40 index is up 1.36 percent or 58.10
points at 4,340 and Germany's DAX is up 1.05 percent or 103.25
points at 9,899.
Crude oil for July delivery are currently up $0.10 at $48.77 a
barrel. Crude oil price rose due to supply disruptions in Nigeria,
Canada and Libya that softened global supply glut.
The markets are recovering after a subdued start in response to
hawkish comments from Fed officials and in the aftermath of the
FOMC April meeting minutes.
In other economic news, data from Destatis showed that the
German producer prices declined 3.1 percent in April from last
year, the same pace of decrease as seen in March but slightly
faster than the 3 percent fall forecast by economists. Producer
prices have been falling since August 2013. The 3.1 percent
decrease was the biggest since January 2010 when prices slid 3.5
percent.
Data from the European Central Bank showed that the euro zone's
current account surplus increased to a 4-month high in March. The
current account surplus rose to EUR 27.3 billion in March from EUR
19.2 billion in February. This was the highest level since
November. On an unadjusted basis, the current account surplus
surged to EUR 32.3 billion from EUR 11.2 billion in February.
In the Asian trading today, the euro held steady against its
major rivals.
In the European trading, the euro rose to more than a 3-month
high of 1.1121 against the Swiss franc and a 2-day high of 0.7712
against the pound, from yesterday's closing quotes of 1.1091 and
0.7663, respectively. If the euro extends its uptrend, it is likely
to find resistance around 1.12 against the franc and 0.80 against
the pound.
Against the Canadian dollar, the U.S. dollar and the yen, the
euro edged up to 1.4702, 1.1228 and 123.76 from yesterday's closing
quotes of 1.4646, 1.1196 and 123.05, respectively. On the upside,
1.51 against the loonie, 1.14 against the greenback and 128.00
against the yen are seen as the next resistance levels for the
euro.
Against the Australian and the New Zealand dollars, the euro
edged up to 1.5521 and 1.6610 from an early 2-day low of 1.5466 and
more than a 2-week low of 1.6535, respectively. The euro may test
resistance around 1.60 against the aussie and 1.70 against the
kiwi.
Looking ahead, Canada CPI for April and retail sales data for
March and U.S. existing home sales data for April and weekly rig
count data are slated for release in the New York session.
At 9:00 am ET, Federal Reserve Governor Daniel Tarullo is
scheduled to deliver a speech titled "Insurance Company Supervision
and Regulation" at the National Association of Insurance
Commissioners International Insurance Forum in Washington DC.
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