Euro Advances As German Business Confidence Improves
November 24 2017 - 12:42AM
RTTF2
The euro advanced against its major counterparts in early
European deals on Friday, as German business sentiment improved
further in November and political worries over Germany eased after
Social Democrats decided to hold talks on forming a coalition
government.
Survey results from Ifo Institute showed that German business
confidence index rose to 117.5 in November.
The score was forecast to remain unchanged at October's
initially estimated value of 116.7.
Meanwhile, the current conditions index came in at 124.4, below
the forecast of 125.0.
At the same time, the expectations index climbed to 111 in
November versus the expected score of 108.8.
SPD Secretary General Hubertus Heil said that the party is ready
to hold talks with Angela Merkel's conservatives to help resolve
the political deadlock since the September election.
"The SPD won't close the door on talks," Heil said.
The currency has been trading in a positive territory in the
Asian session.
The euro advanced to a 4-day high of 132.35 against the yen and
a 3-day high of 1.1649 against the franc, from its early lows of
131.73 and 1.1621, respectively. The euro is likely to target
resistance around 134.00 against the yen and 1.19 against the
franc.
The single currency hit a weekly high of 1.5607 against the
aussie, new 4-week high of 1.5131 against the loonie and a 3-day
high of 1.7285 against the kiwi, off its previous lows of 1.5522,
1.5055 and 1.7185, respectively. If the euro rises further, 1.58,
1.53 and 1.77 are possibly seen as its next resistance levels
against the aussie, loonie and the kiwi, respectively.
The 19-nation currency hit a 6-week high of 1.1875 against the
greenback, after having fallen to 1.1837 at am ET. The euro is seen
finding resistance around the 1.20 mark.
The common currency rose back to 0.8914 against the pound, not
far from its previous session's 4-day high of 0.8922. Continuation
of the euro's uptrend may see it challenging resistance around the
0.90 region.
Looking ahead, Markit's U.S. preliminary manufacturing index for
November is set for release in the New York session.
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