Euro Gains Against Most Majors On Risk Appetite

Euro Gains Against Most Majors On Risk Appetite



The euro rose against its most major counterparts in Asian trading on Thursday as an encouraging start to the U.S. earnings season, easing bond yields in Spain and Italy and an upbeat jobs data from Australia cheered investors to buy risky currencies.
In economic news from Europe, France's EU harmonized consumer prices increased faster than economists expected in March. But the data failed to influence the euro.
The harmonized index of consumer prices (HICP) increased 2.6 percent on an annual basis in March, markedly faster than the 2.3 percent growth economists forecast. In February, the HICP rose 2.5 percent year-on-year.
Month-on-month, the HICP advanced 0.9 percent during the month, while economists were looking for a 0.7 percent sequential gain. In February, the monthly growth in HICP was 0.5 percent.
The euro is now worth 1.3150 against the dollar and 0.8254 against the pound, compared to yesterday's close of 1.3109 and 0.8242, respectively. If the euro advances further, it may likely target 1.316 against the dollar and 0.827 against the pound.
The euro that ended yesterday's trading at 106.02 against the yen is presently trading at 106.47. The next upside target level for the euro-yen pair is seen at 107.0.
Looking ahead, European Central Bank monthly report, U.K. trade data and the Eurozone industrial production - both for February are slated for release in the European session.
The U.S. PPI for March, trade data for February, weekly jobless claims for the week ended April 07, Canada's trade data and new housing price index for February are expected in the New York morning session.


Investors also await Italian government bond auction results later in the day.


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