Euro Firms On Risk Appetite After Trump's Comments

Date : 05/14/2019 @ 2:13PM
Source : RTTF2
Stock : Euro vs Australian Dollar (EURAUD)
Quote : 1.639505  0.005495 (0.34%) @ 7:03AM
Euro vs AUD share price Chart

Euro Firms On Risk Appetite After Trump's Comments

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6 Months : From Apr 2019 to Oct 2019

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The euro strengthened against its major opponents in the European session on Tuesday, as sentiment bolstered after U.S. President Donald Trump said that he was optimistic about resolving the U.S. trade dispute with China.

"He just got back from China. We'll let you know in about three or four weeks whether or not it was successful ... but I have a feeling it's going to be very successful," Trump said, referring to U.S. Treasury Secretary Steven Mnuchin's recent trade talks in Beijing.

Final data from Destatis showed that Germany's consumer price inflation accelerated as initially estimated to its highest level in five months in April.

Consumer price inflation rose to 2 percent in April from 1.3 percent in March. The rate came in line with the flash estimate published on April 30. This was the highest rate since November, when prices were up 2.1 percent.

Meanwhile, survey data from the ZEW-Leibniz Centre for European Economic Research showed that Germany's economic sentiment weakened unexpectedly in May.

The economic sentiment index fell to -2.1 in May from +3.1 in April. The reading was expected to rise to 5.0.

The currency has been trading in a positive territory against its key counterparts in the Asian session.

The euro advanced to 0.8692 against the pound, its strongest since March 21. The euro is seen finding resistance around the 0.88 level.

Data from the Office for National Statistics showed that the UK jobless rate declined in the first quarter to the lowest since 1974, signaling continuing firming of the labor market.

The ILO jobless rate came in at 3.8 percent in the first quarter, while the rate was expected to remain unchanged at 3.9 percent.

Having dropped to a 4-day low of 1.1220 against the greenback at 5:00 pm ET, the euro bounced off with the pair trading at 1.1244. The next key resistance for the euro is likely seen around the 1.14 level.

The European currency that closed Monday's trading at 122.65 against the yen edged higher to 123.40. On the upside, 125.00 is possibly seen as the next resistance level for the euro.

After falling to near a 5-week low of 1.1288 against the franc at 5:00 pm ET, the euro reversed direction and gained to 1.1330. Next key resistance for the euro is seen around the 1.15 area.

The euro recovered to 1.7092 against the kiwi, from a low of 1.7045 hit at 10:30 pm ET. If the euro rises further, it may find resistance around the 1.73 region.

After a brief decline, the euro advanced against the aussie to 1.6196, its highest level since January 4. The euro is poised to find resistance around the 1.63 level.

On the flip side, the euro showed directionless trading against the loonie, after touching a session's high of 1.5147 at 6:30 pm ET. The pair had finished Monday's trading at 1.5122.

Looking ahead, U.S. import and export prices for April are scheduled for release in the New York session.

At 12:45 pm ET, Federal Reserve Bank of Kansas City President Esther George will give a speech about the economy at the Economic Club of Minnesota, in Minneapolis.

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