Euro Advances After Merkel's Remarks
22 May 2017 - 5:13PM
RTTF2
The euro climbed against its major rivals in the European
session on Monday, after the German Chancellor Angela Merkel
remarked that the euro is too weak and hence hurting German
trade.
While speaking in Berlin, Merkel said that the weakness of the
euro is driven by the European Central Bank's monetary policy and
not reflected by fundamentals.
"The euro is too weak - and that's because of ECB policy - and
so German products are cheap in relative terms," she told.
The euro advanced to a 6-1/2-month high of 1.1236 against the
greenback, near 2-month high of 0.8644 against the pound and a
5-day high of 125.25 against the yen, off its early lows of 1.1161,
0.8600 and 124.12, respectively.
The euro rebounded to 1.0909 against the franc and 1.6153
against the kiwi, from its early low of 1.0882 and a 4-day low of
1.6053, respectively.
The euro climbed to a 4-day high of 1.5071 against the aussie,
after having fallen to 1.4965 at 3:30 am ET.
Reversing from an early 5-day low of 1.5085 against the loonie,
the euro edged up to 1.5173.
The next possible resistance for the euro is seen around 1.11
against the franc, 0.88 against the pound, 128.00 against the yen,
1.14 against the greenback, 1.53 against the loonie, 1.53 against
the aussie and 1.64 against the kiwi.
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