Euro Higher Amid Improved Risk Sentiment
July 04 2022 - 7:16AM
RTTF2
The euro moved up against its most major counterparts in the
European session on Monday, as European markets advanced, though
overall trading activity remains muted due to a U.S. market
holiday.
Oil prices firmed after a data showed that the OPEC missed
output target in June amid outages in Libya and Nigeria.
The Wall Street Journal reported that U.S. President Joe Biden
is considering lifting some tariffs on Chinese imports as soon as
this week.
Data from Eurostat showed that Eurozone producer price inflation
slowed more than expected in May, after reaching a new record high
in April.
Producer prices climbed 36.3 percent year-on-year in May,
following a 37.2 percent rise in April. Economists had forecast
inflation to ease to 36.7 percent.
The euro climbed to 1.0463 against the greenback and 141.66
against the yen, following its prior lows of 1.0416 and 140.61,
respectively. The euro is seen finding resistance around 1.08
against the greenback and 144.00 against the yen.
The euro rebounded to 1.3451 against the loonie and 1.6803
against the kiwi, up from its early 4-day lows of 1.3406 and
1.6709, respectively. The euro is likely to find resistance around
1.37 against the loonie and 1.71 against the kiwi.
The euro touched a 5-day high of 1.0046 against the franc,
rising from a 4-day low of 0.9976 seen at 2:30 am ET. If the euro
rises further, it is likely to test resistance around the 1.04
level.
In contrast, the euro held steady against the aussie, after
hitting a 4-day low of 1.5170 at 6:45 am ET. The pair had closed
Friday's deals at 1.5291.
The euro was down against the pound, at 0.8595. On the downside,
0.84 is possibly seen as its next support level.
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