Euro Advances After Eurozone Inflation Data
17 Abril 2015 - 07:10AM
RTTF2
The euro climbed against its major rivals in European deals on
Friday, after data showed that Eurozone consumer price inflation
came in line with initial estimate in March.
The latest figures from the statistical office Eurostat showed
that the harmonized index of consumer prices dropped 0.1 percent
annually after a 0.3 percent decline in February. That was in line
with the flash estimate.
On a month-on-month basis, consumer prices rose 1.1 percent in
March following a 0.6 percent gain in the previous month. That was
in line with economists' expectations. It was the second monthly
gain in a row after four months of decline. The latest increase was
the biggest since March 2013, when prices rose 1.2 percent.
Investors watch developments in Greece after Greece German
Finance Minister Wolfgang Schaeuble refused further concessions to
Greece and the International Monetary Fund ruled out giving the
country any leeway on 1 billion euros of debt repayments due by
early May. As per the Eurogroup accord on February 20, Greece must
reach an outline funding agreement with its lenders at the
Eurogroup meeting on April 24.
The euro was steady against the greenback, yen and the pound in
the Asian session. Against the franc, it ticked up.
In European trading, the euro hit a weekly high of 128.73
against the Japanese yen, up by 0.76 percent from an early low of
127.76. The next possible resistance for the euro-yen pair is seen
around the 130.00 zone.
The euro strengthened to 1.0832 against the greenback, its
strongest since April 8, off previous low of 1.0737. The euro is
likely to challenge resistance around the 1.10 mark.
Reversing from an early low of 1.0283 against the Swiss franc,
the euro ticked up to 1.0326. If the euro extends rise, it may
possibly find resistance near the 1.04 zone.
Swiss retail sales declined for a second straight month in
February, marking its biggest annual fall on record, data from the
Federal Statistical Office showed.
Retail sales dropped an adjusted 2.7 percent year-on-year
following a 0.5 percent drop in January. In December, sales grew
1.8 percent from a year ago.
The single currency strengthened to 1.3187 against the loonie,
after falling to 1.3101 at 2:45 am ET. The euro is likely to
challenge resistance around the 1.35 area.
The 19-nation currency bounced back slightly to 1.4058 against
the NZ dollar, following a decline to 1.4000 in previous deals.
Against the Australian dollar, the euro rose back to 1.3857,
reversing from an early low of 1.3784. Next key resistance levels
for the euro may be located around 1.60 against the kiwi and 1.39
against the aussie.
Meanwhile, the euro declined against the pound, as the latter
was supported by upbeat U.K. data. The pair was trading at 0.7190,
compared to yesterday's closing value of 0.7203.
Data from the Office for National Statistics showed that the
U.K. unemployment rate fell to the lowest since 2008.
The ILO jobless rate came in at 5.6 percent in three months to
February, down from 5.8 percent in September to November. The rate
came in line with expectations.
Looking ahead, Canada consumer prices for March and retail sales
for February, as well as U.S. consumer prices and leading
indicators for March and Reuters/University of Michigan's
preliminary consumer sentiment index for April are due in the New
York session.
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