Euro Climbs Amid ECB Rate Hike Prospects
30 Mai 2022 - 12:47PM
RTTF2
The euro held firm against its major counterparts in the
European session on Monday, as German inflation reached a record
high in May, reinforcing hopes for a rate hike by the European
Central Bank in July.
Preliminary figures from Destatis showed that German consumer
inflation accelerated at a faster-than-expected pace in May to
reach its highest level in nearly half a century.
Consumer prices rose 7.9 percent year-over-year in May, faster
than the 7.4 percent rise in April. Economists had expected
inflation to rise to 7.6 percent.
This was the highest inflation rate since the winter of 1973-74,
when mineral oil prices rose sharply as a result of the first oil
crisis.
The euro was further supported by a weakness in the U.S. dollar
as Friday's data lessened inflation fears and fueled hopes that the
Federal Reserve is likely to tighten policy at a slower pace.
German bond yields rose, with the yield on the 10-year German
bund reaching 1.058 percent.
The euro moved up to 1.0781 against the greenback, its strongest
level since April 25. It was up against the yen, at near a 3-week
high of 137.50. If the euro continues its rise, 1.10 and 139.00 are
possibly seen as its next resistance levels against the greenback
and the yen, respectively. The euro touched a 6-day high of 1.0336
against the franc and a 4-day high of 0.8528 against the pound,
rebounding from its prior lows of 1.0261 and 0.8484, respectively.
The euro is likely to find resistance around 1.05 against the franc
and 0.88 against the pound.
The euro ticked up to 1.6474 against the kiwi and 1.5011 against
the aussie, up from a previous low of 1.6392 and a 1-week low of
1.4958, respectively. The next possible resistance for the euro is
seen around 1.52 against the kiwi and 1.52 against the aussie.
In contrast, the euro was lower against the loonie, at a 6-day
low of 1.3628. The euro is seen facing support around the 1.34
level.
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