Euro Advances Amid Risk Appetite
July 23 2020 - 02:57AM
RTTF2
The euro firmed against its major counterparts in the European
session on Thursday amid risk appetite, as upbeat earning updates
from companies such as Unilever and Daimler offset tensions between
the U.S. and China.
Unilever announced that its second-quarter sales fell less than
analyst expectations. Second-quarter underlying sales declined just
0.3 percent versus expectations of a 4.3 percent drop.
After reporting wider loss and weak sales volume in its second
quarter hurt by the virus-related lockdowns, Daimler said that it
started seeing first signs of sales recovery amid Covid-19
pandemic, and expects to record an operating profit in fiscal
2020.
Investors shrugged off Sino-American tensions and rising
coronavirus infections in America.
On economic front, U.S. weekly jobless claims and Eurozone flash
consumer sentiment index are due.
Survey data from market research group GfK showed that German
consumer confidence is set to improve in August.
The forward-looking consumer sentiment index rose to -0.3 points
from revised -9.4 in July. The expected reading was -5.0.
The euro firmed to 0.9119 against the pound, after falling to
0.9077 at 5:00 pm ET. If the euro rises further, 0.93 is possibly
seen as its next resistance level.
The euro edged higher to 1.1599 against the greenback, compared
to 1.1570 hit late New York Wednesday. Next key resistance for the
euro is seen around the 1.18 level.
The euro was trading higher against the yen, at 124.15. The pair
was worth 123.98 at yesterday's close. The euro is seen finding
resistance around the 127.5 region.
The European currency appreciated to 1.0762 against the franc,
from a low of 1.0746 seen at 3:30 am ET. Should the euro continues
its uptrend, 1.10 is likely seen as its next resistance level.
The euro rose to a 2-day high of 1.6236 against the aussie, from
yesterday's closing value of 1.6203. The euro is likely to
challenge resistance around the 1.65 region.
The euro recovered to 1.7377 against the kiwi, from an early low
of 1.7321. Further uptrend may lead the euro to a resistance around
the 1.78 region.
In contrast, the euro weakened to a 2-day low of 1.5490 against
the loonie, from a high of 1.5527 touched at 6:00 pm ET. The euro
is poised to test support around the 1.52 mark.
Looking ahead, U.S. weekly jobless claims for the week ended
July 18 will be out in the New York session.
Eurozone flash consumer sentiment index for July is due at 10:00
am ET.
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