Euro Rises As European Shares Edged Higher
February 29 2024 - 1:07AM
RTTF2
The euro strengthened against other major currencies in the
European session on Thursday, as European stocks traded slightly
higher after data showed Spanish inflation cooled sharply in
February.
Also, French inflation eased to its weakest level since
September 2021, fueling debate on when the European Central Bank
would cut interest rates.
German inflation figures and the Fed's favorite inflation gauge
may garner investor attention later in the day, ahead of the euro
area's figures on Friday.
The German DAX rose 0.4 percent, France's CAC 40 inched up 0.1
percent and the U.K.'s FTSE 100 edged up 15 points, or 0.2 percent,
at 7,640.
The European currency traded slightly lower against its major
counterparts in the Asian trading today.
In the European trading now, the euro rose to a 1-week high of
0.8571 against the pound and a 2-day high of 1.0855 against the
U.S. dollar, from early low of 0.8552 and 1.0826, respectively. If
the euro extends its uptrend, it is likely to find resistance
around 0.86 against the pound and 1.09 against the greenback.
The euro edged up to 0.9542 against the Swiss franc, from an
early low of 0.9515. On the upside, 0.96 is seen as the next
resistance level for the euro.
Moving away from an early 8-day low of 162.05 against the yen,
the euro rebounded to 162.70. The next possible upside target for
the euro is seen around the 164.00 region.
Against Australia, the New Zealand and the Canadian dollars, the
euro advanced to more than a 3-month high of 1.6698, more than a
1-month high of 1.7839 and a 2-1/2-month high of 1.4748 from early
lows of 1.6617, 1.7738 and 1.4698, respectively. The euro may test
resistance near 1.68 against the aussie, 1.80 against the kiwi and
1.49 against the loonie.
Looking ahead, Germany flash consumer and harmonized prices for
February, Canada GDP data for the fourth quarter, U.S. core PCE
index for January, weekly jobless claims data, personal income and
spending data for January, U.S. Chicago PMI for February, pending
home sales data for January and U.S. Kansas Fed manufacturing index
for February are set to be published in the New York session.
At 10:50 am ET, Federal Reserve Bank of Atlanta President
Raphael Bostic will deliver a speech on the economic outlook,
monetary policy and the state of the banking industry before the
2024 Banking Outlook Conference hosted by the Federal Reserve Bank
of Atlanta, in Atlanta, U.S.
Ten minutes later, Federal Reserve Bank of Chicago President
Austan Goolsbee will speak virtually on "Monetary Policy at an
Unusual Time" before webinar event hosted by the Princeton
University Bendheim Center for Finance.
At 1:15 pm ET, Federal Reserve Bank of Cleveland President
Loretta Mester will deliver a speech on "Financial
Stability/Regulation" before the Columbia University/Bank Policy
Institute 2024 Bank Regulation Research Conference, in New York,
U.S.
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