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2017.07.2506:07:00UTC+00Euro Rises On Upbeat German IFO Business Confidence Data

The euro strengthened against other major currencies in the European session on Tuesday, after data showed that German business confidence strengthened in July.

Data from Ifo institute showed that the business confidence index of Germany rose to 116 in July. The score was forecast to fall to 114.9 from June's initially estimated value of 115.1 in June.

Likewise, the current conditions index climbed to 125.4 in July, while it was expected to fall to 123.8.

The expectations index came in at 107.3, well above the forecast of 106.5.

In the Asian trading today, the euro traded higher against its major rivals.

In the European trading, the euro rose to a 4-day high of 129.78 against the yen from an early low of 129.25. The euro may test resistance near the 131.00 region.

Against the pound and the Swiss franc, the euro advanced to 0.8956 and 1.1047 from early lows of 0.8930 and 1.1007, respectively. If the euro extends its uptrend, it may find resistance around 0.90 against the pound and 1.11 against the franc.

Against the U.S., the Australian and the Canadian dollar, the euro climbed to 1.1668, 1.4705 and 1.4602 from early lows of 1.1631, 1.4665 and 1.4546, respectively. The euro is likely to find resistance around 1.18 against the greenback, 1.50 against the aussie and 1.48 against the loonie.

The euro edged up to 1.5695 against the NZ dollar, from an early low of 1.5638. This may be compared to an early 5-day high of 1.5724. The euro is likely to find resistance around the 1.58.

Looking ahead, U.S. FHFA house price index for May, U.S. S&P Case-Shiller home price index for May and U.S. consumer confidence index for July are slated for release in the New York session.

At 1:00 pm ET, Bank of England Chief Economist Andy Haldane is expected to speak about the international monetary and financial system at the Finance Foundation Annual Lecture, in London.

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