BRUSSELS (Alliance News) - The euro held steady against other major currencies in European deals on Tuesday after data on Eurozone retail sales for March.
Euro area retail sales increased for a third straight month in March, defying expectations for a decline, figures from Eurostat showed Tuesday.
Retail sales rose 0.3% from February, when sales grew 0.1%, which was revised from 0.4% gain.
Economists had forecast a 0.2% decrease.
The euro lifted up in early deals as Spain's service sector expanded in April, whereas jobless claims fell. PMI reports out of the euro area showed that economic recovery is gathering strength, providing further support to the euro against greenback and the yen.
Data from Markit Economics showed today that the final composite Purchasing Managers' Index rose to 54, in line with flash estimate, from 53.1 in March. The final services PMI also improved as estimated to 53.1 from 52.2 in March.
The euro appreciated to near a 2-month high of 1.3930 against the greenback before holding steady thereafter. If the euro continues its uptrend, 1.40 is likely seen as next upside target level.
The euro that ended last week's deals at 141.68 against the yen approached a 4-day high of 142.08 during early European deals. Further accelaration may lead the euro to a resistance around the 143.00 mark.
The euro stablised against the franc, after retreating to 1.2168 from an early 4-day high of 1.2186. The pair was trading around yesterday's closing value of 1.2177.
After declining to a 4-day low of 0.8214 against the pound in prior deals, the euro stablised with pair trading around 0.8217.
The Markit/Chartered Institute of Purchasing & Supply UK Services Purchasing Managers' Index climbed to 58.7 from 57.6 in March, data from Markit Economics showed today. The score exceeded economists' projection of 57.8.
Looking ahead, the US and Canadian trade data for March, as well as Canada Ivey PMI for April are due in the New York session.
