Euro Advances Against Majors
November 26 2015 - 11:28PM
RTTF2
The euro strengthened against the other major currencies in the
pre-European session on Friday, on bargain hunting following its
recent losses.
However, the euro fell earlier as speculation for an aggressive
easing by the ECB pushed down the currency, before the central
bank's December 3 meeting.
European Central Bank President Mario Draghi signaled earlier
that the bank is considering various options to ease monetary
policy further to support weaker economic recovery. Also, he said
that the ECB is committed to maintaining its bond-buying program
through September 2016, as scheduled, or "beyond" if necessary.
Traders await the Eurozone economic sentiment index for November
and Germany's GfK's forward-looking consumer confidence index for
December, due shortly.
In other economic news, data from Destatis showed that Germany's
import prices fell 4.1 percent year-on-year in October, bigger than
September's 4 percent decrease and a 3.9 percent drop forecast by
economists. This was the biggest fall since January, when it
plunged 4.4 percent.
Month-on-month, import prices decreased 0.3 percent and export
prices slid 0.2 percent.
In the Asian session, the euro held steady against its major
rivals.
In the pre-European trading, the euro rose to an 8-day high of
1.0880 against the Swiss franc and a 3-day high of 1.4759 against
the Australian dollar, from early lows of 1.0852 and 1.4658,
respectively. If the euro extends its uptrend, it is likely to find
resistance around 1.09 against the Swiss franc and 1.50 against the
aussie.
Against the U.S. dollar and the pound, the euro advanced to
2-day highs of 1.0638 and 0.7049 from early lows of 1.0601 and
0.7019, respectively. The euro may test support near 1.08 against
the greenback and 0.72 against the pound.
The euro edged up to 130.15 against the yen, from an early low
of 129.98. On the upside, 133.00 is seen as the next resistance
level for the euro.
Against the New Zealand and the Canadian dollars, the euro
climbed to 2-day highs of 1.6229 and 1.4159 from early lows of
1.6116 and 1.4093, respectively. The euro is likely to find
resistance around 1.65 against the kiwi and 1.44 against the
loonie.
Looking ahead, the second estimate of U.K. GDP data for the
third quarter, U.K. index of services for September, Eurozone
economic confidence index for November and German Gfk consumer
sentiment for December are slated for release in the European
session.
In the New York session, Canada industrial product price index
for October is set to be published.
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