Euro Rises As Traders Eye U.K.'s EU Referendum

The euro strengthened against the other major currencies in the Asian session on Thursday, as sentiment is underpinned by renewed optimism that Britain will remain part of the European Union, as the latest Brexit Opinion polls showed votes favoring the Remain camp.

However, investors are cautious ahead of the verdict.

Meanwhile, crude oil for August delivery are currently up $0.30 at $49.43 a barrel. Oil prices rose on prospects of falling supply glut and the U.S. EIA report that showed that U.S. crude inventories dropped by 917,000 barrels last week.

Bullish comments on oil by Saudi oil minister also supported the increase of crude oil price.

Saudi Arabia's energy minister Khalid Al-Falih said in a newspaper interview published Wednesday that the global oil supply glut is history. "We are out of it. The oversupply has disappeared,".

Wednesday, the euro showed mixed trading against its major rivals. While the euro fell against the U.S. dollar, it held steady against the yen, the pound and the Swiss franc.

In the Asian trading, the euro rose to a 3-day high of 119.03 against the yen and a 2-day high of 1.0878 against the Swiss franc, from yesterday's closing quotes of 117.94 and 1.0801, respectively. If the euro extends its uptrend, it is likely to find resistance around 122.00 against the yen and 1.11 against the franc.

Against the U.S. and the New Zealand dollars, the euro advanced to 2-day highs of 1.1349 and 1.5818 from yesterday's closing quotes of 1.1294 and 1.5753, respectively. The euro is likely to find resistance around 1.15 against the greenback and 1.63 against the kiwi.

The euro climbed to 0.7668 against the pound, from an early more than a 3-week low of 0.7639. On the upside, 0.80 is seen as the next resistance level for the euro.

Against the Australian dollar, the euro edged up to 1.5093 from yesterday's closing value of 1.5056. The euro is likely to find resistance around the 1.55 area.

The euro rose to 1.4538 against the Canadian dollar, from an early low of 1.4496. This may be compared to an early 3-day high of 1.4545. The euro may test resistance near the 1.48 area.

Looking ahead, flash PMI reports from major European economies for June are due to be released later in the day.

At 4:15 am ET, Reserve Bank of Australia Assistant Governor Guy Debelle is expected to speak at the Sydney Harcourt Visiting Professorship event.

In the New York session, U.S. unemployment claims for the week ended June 18, flash U.S. manufacturing PMI for June, U.S. new home sales data for May and the leading indicators index for May, are slated for release.

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