Euro Strengthens On Italy Optimism
November 20 2018 - 11:33PM
RTTF2
The euro climbed against its major opponents in the European
session on Wednesday, following a media report that Italian
government is likely to make compromise with the European Union on
certain aspects of its budget.
Investors heaved a sigh of relief after newspaper La Stampa
reported that Italian Deputy Premier Matteo Salvini might be open
to budget revisions.
The report said that Salvini was willing to reduce the planned
spending on a citizen's income and the unwinding of a previous
pension reform.
The European Commission is due to publish its assessment of
Italy's draft budgetary plans later in the day.
The currency has been trading in a positive territory against
its key counterparts in the Asian session.
The euro advanced to 0.8912 against the pound, from a low of
0.8883 hit at 5:30 pm ET. If the euro rises further, 0.91 is seen
as its next resistance level.
The single currency appreciated to 128.80 against the yen and
1.1410 against the greenback, from its early lows of 128.12 and
1.1366, respectively. The euro is likely to find resistance around
130.00 against the yen and 1.15 against the greenback.
Having dropped to 1.1308 against the franc at 5:15 pm ET, the
euro reversed direction and rose to 1.1339. The next possible
resistance for the euro is seen around the 1.16 mark.
The euro spiked up to 1.5158 against the loonie, its highest
since September 28. On the upside, 1.53 is possibly seen as the
next resistance level for the euro.
On the flip side, the common currency retreated to 1.6679
against the kiwi and 1.5715 against the aussie, from its early
2-day high of 1.6760 and a 2-week high of 1.5781, respectively. The
euro is seen finding support around 1.65 against the kiwi and 1.56
against the aussie.
Looking ahead, Canada wholesale sales for September, U.S. weekly
jobless claims for the week ended November 17, University of
Michigan's final consumer sentiment index for November, durable
goods orders, existing home sales and leading index for October are
set for release in the New York session.
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