Euro, Pound Firm As European Shares Rise
The euro and the pound were higher in the European session on
Tuesday, as European shares rose amid optimism about strong
earnings and signs of progress in U.S.-China economic and trade
Solid earnings results from UBS, Reckitt Benckiser and other
companies helped offset concerns about inflation and growth.
Investors looked ahead to central bank meetings in Europe, Japan
and Canada for policy outlook.
The ECB decision is due on Thursday, with investors awaiting
more clarity on ending the stimulus under its pandemic emergency
The Bank Lending Survey from the European Central Bank showed
that Eurozone banks plan to tighten their conditions for housing
loans further in the fourth quarter.
In the fourth quarter, banks plan to tighten credit standards
for loans to firms and to ease criteria slightly for consumer
The pound touched 5-day highs of 1.3825 against the greenback
and 1.2718 against the franc, up from its previous lows of 1.3757
and 1.2630, respectively. The pound is likely to find resistance
around 1.41 against the greenback and 1.30 against the franc.
The pound came off from its early lows of 0.8436 against the
euro and 156.44 against the yen, spiking up to an 8-month high of
0.8404 and a 4-day high of 157.58, respectively. If the pound rises
further, 0.82 and 160.00 are possibly seen as its next resistance
levels against the euro and the yen, respectively.
The euro was up against the franc, at a 5-day high of 1.0703. On
the upside, 1.10 is possibly seen as its next resistance level.
Recovering from its prior lows of 1.1594 against the greenback
and 131.94 against the yen, the euro edged higher to 1.1625 and
132.54, respectively. The euro is seen finding resistance around
1.18 against the greenback and 134.00 against the yen.
The euro rebounded to 1.5493 against the aussie, after touching
1.5432, its lowest level since May 10. Next key resistance for the
euro is seen around the 1.56 level.
In contrast, the European currency resumed its decline against
the kiwi, touching more than a 4-year low of 1.6157. Further
downtrend may take the euro to a support around the 1.59 level.
The euro edged down to 1.4353 against the loonie from
yesterday's close of 1.4366. Should the euro extends decline, 1.42
is possibly seen as its next support level.
Looking ahead, U.S. consumer confidence index for October, new
home sales for September, FHFA's house price index and
S&P/Case-Shiller home price index for August will be out in the
New York session.
Euro vs CHF (FX:EURCHF)
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Euro vs CHF (FX:EURCHF)
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