Euro Higher Against Majors

(RTTNews) - The euro was higher against its major counterparts in the European session on Wednesday, as investors cheered inflation data out of U.K and Eurozone.

U.K. consumer price inflation rose by less than expected to 3.2 percent in March from 3.4 percent in February, making it likely that the Bank of England will lower its key interest rate later this year.

Final data from Eurostat revealed that inflation in the 20 nations sharing the euro currency slowed across the board last month, raising expectations for an ECB rate cut in June.

Euro zone inflation slowed to 2.4 percent from 2.6 percent in February, matching the preliminary estimate released earlier this month.

Investors looked past Tuesday's comments from Federal Reserve Chair Jerome Powell that pushed back expectations for rate cuts.

The euro rose to 1.0652 against the greenback and 0.9711 against the franc, from an early low of 1.0605 and a multi-week low of 0.9676, respectively. The euro is poised to challenge resistance around 1.08 against the greenback and 0.98 against the franc.

The euro touched 164.75 against the yen, setting a 1-week high. On the upside, 166.00 is likely seen as its next resistance level.

The euro recovered to 0.8540 against the pound, from an early multi-week low of 0.8521. This may be compared to a prior 2-day high of 0.8551. If the currency rises further, it may find resistance around the 0.88 level.

The euro recovered to 1.6581 against the aussie, from an early low of 1.6536. The euro is likely to find resistance around the 1.68 level.

The euro rebounded to 1.8037 against the kiwi, from an early 2-day low of 1.7961. This may be compared to a prior nearly 5-month high of 1.8108. The next possible resistance for the euro is seen around the 1.82 level.