Traders are now waiting for a busy Tuesday. Major euro area economies are revealing their preliminary GDP estimate for the first quarter, in the early hours on Tuesday in New York. The retail sales data from Switzerland and the inflation details from the UK are the other releases, which are strong enough to move the markets in the European session.
The euro gained ground against the sterling at about 7:35 pm ET on Monday. Moving from 0.6841, the euro collected as high as 0.6848 of a pound at about 9:35 pm before changing direction. At 12:15 am ET on Tuesday, the pair was quoted at 0.6844. The euro has now been testing resistance near a one-week high, and if moved further higher, the pair may find new resistance levels around 0.686.
The euro traded higher against the Japanese yen amid the Japanese release at 7:50 pm ET on Monday. The pair gained ground at about 7:00 pm, and moving from 162.94, the euro equaled 163.29 yen by about 8:05 pm Eastern Time. Thereafter, the pair traded lower, but has started to move upwards, lately. As of 12:15 am ET on Tuesday, the European currency was quoted at 163.07 against its Japanese counterpart. Largely speaking, the pair is on its way to re-test its multi-year resistance around 163.7. It was on 7th May that the euro fetched more than 163.7 yen, lately.
Against the Swiss franc, the euro steadied lower in the late trading on Monday in New York. The pair started weakening at 5:10 pm ET, and moving from 1.6522, the pair equaled as low as 1.6492 before gaining ground at about 11:00 pm. As of 12:15 am Eastern Time on Tuesday, the pair traded at 1.6501. If continued higher, the pair is likely to test a near term resistance around 1.653. It was a multi-year high fetched by the pair on 1st May.
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