Euro Rises Amid Hopes Of Greece Tensions Easing

The euro strengthened against most major currencies in the early European session on Wednesday, as hopes concerning Greece's ability to fulfill its next IMF repayment bolstered sentiment.

Greece's outspoken Finance Minister Yanis Varoufakis said on Tuesday that the country expects to finalize a deal with creditors by June 5, when the first IMF payment is due. However, he urged the international creditors to come to an agreement with Greece before the country runs out of money.

Greek officials are set to resume debt talks between Greece and its EU creditors in Brussels, due later in the day, to discuss about the country's loan program.

Finance ministers and central bankers from 7 industrialized nations will begin a three-day meeting in Dresden, Germany today to discuss the health of the global economy and financial regulation.

In other economic news, data from market research group GfK showed that German consumer sentiment is set to improve to its highest level since October 2001.The forward-looking consumer sentiment rose to 10.2 in June from 10.1 in May. This was the highest score since October 2001.

In the Asian trading today, the euro held steady against its major rivals.

In the European trading today, the euro advanced to 5-day highs of 1.4107 against the Australian dollar and 1.3569 against the Canadian dollar, from early lows of 1.4028 and 1.3510, respectively. If the euro extends its uptrend, it is likely to find resistance around 1.44 against the aussie and 1.40 against the loonie.

The euro rose to 0.7089 against the pound and 134.39 against the yen, from early lows of 0.7062 and 133.76, respectively. On the upside, 0.73 against the pound and 137.50 against the yen are seen as the next resistance levels for the euro.

Against the U.S. and the New Zealand dollars, the euro edged up to 1.0928 and 1.5077 from early lows of 1.0864 and 1.4988 respectively. The euro may test resistance near 1.12 against the greenback and 1.55 against the kiwi.

Looking ahead, the Bank of Canada will announce its interest rate decision at 10:00 am ET. Economists expect the bank to retain interest rates unchanged at 0.75 percent.

Euro vs CAD (FX:EURCAD)
Graphique Historique de la Devise
De Mar 2024 à Avr 2024