The euro was higher against its major counterparts in the European session on Thursday, even as Spanish inflation cooled more than estimated in March.

Preliminary data from statistical office INE showed that consumer prices climbed at a much slower pace of 3.3 percent from the last year, following the 6.0 percent increase in February.

The latest rate was the lowest since August 2021 when it was at the same level. Prices were expected to advance 3.8 percent.

Investors focus on German flash inflation data for March, which will be released at 8.00 am ET. Economists expect consumer price inflation to ease notably to 7.3 percent in March from 8.7 percent in February.

Eurozone CPI data for March will be published on Friday. Inflation is expected to ease to 7.1 percent in March from 8.5 percent in February.

The euro rebounded to 0.9965 against the franc, from a low of 0.9933 it touched immediately after the data. If the currency continues its rise, 1.03 is possibly seen as its next resistance level.

The euro touched a 1-week high of 1.0879 against the greenback, from a low of 1.0823 hit at 3:05 am ET. The euro may locate resistance around the 1.10 level.

The euro reversed from an early low of 143.13 versus the yen, rising to a fresh 2-week high of 144.27. Next immediate resistance for the euro is seen around the 146.00 level.

The euro recovered to 1.6220 against the aussie and 1.4725 against the loonie, reversing from its early 6-day low of 1.6142 and a 9-day low of 1.4667, respectively. The next possible resistance for the euro is seen near 1.65 against the aussie and 1.50 against the loonie.

The euro rebounded modestly against the pound, with the pair trading at 0.8797. The euro is likely to find resistance around the 0.90 level.

The euro rose back to 1.7428 against the kiwi, heading to pierce its previous 1-week high of 1.7456. On the upside, 1.76 is likely seen as the next resistance level.

Looking ahead, at 8:00 am ET, German preliminary CPI for March is scheduled for release.

U.S. final GDP data for the fourth quarter and weekly jobless claims for the week ended March 25 will be out in the New York session.

Grafico Cross Euro vs Yen (FX:EURJPY)

Da Mag 2024 a Giu 2024 Clicca qui per i Grafici di Euro vs Yen
Grafico Cross Euro vs Yen (FX:EURJPY)

Da Giu 2023 a Giu 2024 Clicca qui per i Grafici di Euro vs Yen