Euro Rises Amid Hopes Of Greece Tensions Easing
May 27 2015 - 5:22AM
RTTF2
The euro strengthened against most major currencies in the early
European session on Wednesday, as hopes concerning Greece's ability
to fulfill its next IMF repayment bolstered sentiment.
Greece's outspoken Finance Minister Yanis Varoufakis said on
Tuesday that the country expects to finalize a deal with creditors
by June 5, when the first IMF payment is due. However, he urged the
international creditors to come to an agreement with Greece before
the country runs out of money.
Greek officials are set to resume debt talks between Greece and
its EU creditors in Brussels, due later in the day, to discuss
about the country's loan program.
Finance ministers and central bankers from 7 industrialized
nations will begin a three-day meeting in Dresden, Germany today to
discuss the health of the global economy and financial
regulation.
In other economic news, data from market research group GfK
showed that German consumer sentiment is set to improve to its
highest level since October 2001.The forward-looking consumer
sentiment rose to 10.2 in June from 10.1 in May. This was the
highest score since October 2001.
In the Asian trading today, the euro held steady against its
major rivals.
In the European trading today, the euro advanced to 5-day highs
of 1.4107 against the Australian dollar and 1.3569 against the
Canadian dollar, from early lows of 1.4028 and 1.3510,
respectively. If the euro extends its uptrend, it is likely to find
resistance around 1.44 against the aussie and 1.40 against the
loonie.
The euro rose to 0.7089 against the pound and 134.39 against the
yen, from early lows of 0.7062 and 133.76, respectively. On the
upside, 0.73 against the pound and 137.50 against the yen are seen
as the next resistance levels for the euro.
Against the U.S. and the New Zealand dollars, the euro edged up
to 1.0928 and 1.5077 from early lows of 1.0864 and 1.4988
respectively. The euro may test resistance near 1.12 against the
greenback and 1.55 against the kiwi.
Looking ahead, the Bank of Canada will announce its interest
rate decision at 10:00 am ET. Economists expect the bank to retain
interest rates unchanged at 0.75 percent.
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