Euro Strengthens On Global Growth Hopes
The euro appreciated against its major counterparts during
European deals on Tuesday amid risk appetite, as positive economic
data from China and the United States fueled hopes of a faster
economic recovery across the globe.
China's service sector activity accelerated in March to the
highest since December.
The Caixin Purchasing Managers' Index rose to 54.3 in March from
51.5 in February.
U.S. services activity soared to an all-time high in March,
according to a report by the Institute for Supply Management on
The ISM said its services PMI jumped to 63.7 in March from 55.3
in February, with a reading above 50 indicating expansion.
The data added to optimism about a swift economic recovery in
the wake of a strong U.S. nonfarm payrolls data in March.
Preliminary figures from Eurostat showed that euro area
unemployment rate remained unchanged in February after rising in
the previous month.
The seasonally-adjusted unemployment rate was 8.3 percent,
unchanged from January.
Economists had expected the rate to remain steady at January's
original figure of 8.1 percent.
The euro climbed to 130.55 against the yen, its highest level
since March 18. The euro is seen finding resistance around the
The euro touched a 1-week high of 0.8546 against the pound, up
from Monday's close of 0.8492. On the upside, 0.88 is possibly seen
as the next resistance level for the euro.
The single currency reversed from an early low of 1.1050 against
the franc, rising to 1.1088. If the euro climbs further, 1.14 is
likely seen as its next resistance level.
The 19-nation currency moved up to an 8-day high of 1.4834
against the loonie, 5-day highs of 1.6847 against the kiwi and
1.5527 against the aussie, coming off from its early lows of
1.4784, 1.6713 and 1.5424, respectively. The next possible
resistance for the euro is seen around 1.50 against the loonie,
1.70 against the kiwi and 1.57 against the aussie.
The euro remained higher against the greenback, at 1.1822. This
was its strongest level since March 25. Next key resistance for the
euro is seen around the 1.20 region.