Euro Strengthens As Italy Fears Reduce

The euro climbed against its major counterparts in the Asian session on Thursday, as Italian worries abated on renewed talks to form a coalition government.

Leaders of the 5-Star Movement and the right-wing League held informal meetings with President Sergio Mattarella on Wednesday and had been given another chance to try to form a coalition government.

After two meetings, both parties had agreed to find "a point of compromise on another name" for the post of finance minister.

Prime Minister-designate Carlo Cottarelli on Wednesday said possibilities had emerged "for the birth of a political government," and that financial market turmoil "have caused me to wait for further developments".

Elsewhere, Spanish Prime Minister Mariano Rajoy has insisted he would not resign ahead of Friday's no-confidence vote in the Madrid parliament.

Euro area inflation data for May is slated for release at 5:00 am ET.

The euro strengthened to a 3-day high of 1.1699 against the greenback, from a low of 1.1648 hit at 9:30 pm ET. If the euro continues its rise, 1.19 is possibly seen as its next resistance level.

The 19-nation currency climbed to a session's high of 0.8784 against the pound and held steady thereafter. The pair ended Wednesday's trading at 0.8776.

The euro edged up to 1.1562 against the franc, from Wednesday's closing value of 1.1537. The euro is likely to find resistance around the 1.17 level.

The euro appreciated to 127.37 against the yen, a 3-day high. At yesterday's close, the pair was valued at 126.96. The euro is poised to challenge resistance around the 129.00 level.

The single currency that closed yesterday's trading at 1.5391 against the aussie advanced to a 2-day high of 1.5448. The next possible resistance for the euro is seen around the 1.57 level.

The euro rose to 1.6745 against the kiwi and 1.5058 against the loonie, from yesterday's closing values of 1.6692 and 1.5011,respectively. The euro is seen finding resistance around 1.70 against the kiwi and 1.53 against the loonie. Looking ahead, U.K. mortgage approvals and Eurozone jobless rate for April and advanced CPI for May are due in the European session.

In the New York session, Canada GDP data for March, U.S. weekly jobless claims for the week ended May 26 and personal income and spending data for April are scheduled for release.

Euro vs NZD (FX:EURNZD)
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