Euro Rises After French Election
24 April 2017 - 12:14PM
RTTF2
The euro strengthened against the other major currencies in the
Asian session on Monday, as investors reacted positively to the
outcome of the first round of the French presidential elections
that came in on expected lines erasing fears that the country may
leave the European union.
Centrist Emmanuel Macron and far-right nationalist Marine Le Pen
have won the first round of the French presidential election,
triggering a runoff on May 7, according to projections by polling
agencies and official partial results.
Last Friday, the euro had fallen 0.11 percent against the pound,
0.09 percent against the U.S. dollar, 0.21 percent against the
franc and 0.23 percent against the yen.
In the Asian trading, the euro rose to 6-day high of 0.8499
against the pound and nearly a 4-week high of 120.33 against the
yen, from last week's closing quotes of 0.8373 and 116.87,
respectively. If the euro extends its uptrend, it is likely to find
resistance around 0.86 against the pound and 122.00 against the
yen.
The euro advanced to nearly a 1-1/2-month high of 1.0825 against
the Swiss franc and a 3-1/2-month high of 1.4438 against the
Australian dollar, from Friday's closing quotes of 1.0679 and
1.4204, respectively. The euro may test resistance near 1.09
against the franc and 1.47 against the aussie.
Against the U.S., the New Zealand and the Canadian dollars, the
euro climbed to 5-1/2-month highs of 1.0918, 1.5494 and 1.4689 from
last week's closing quotes of 1.0725, 1.5235 and 1.4465,
respectively. On the upside, 1.13 against the greenback, against
the kiwi and against the loonie are seen as the next resistance
levels for the euro.
Looking ahead, German IFO business climate index for April is
due to be released at 4:00 am ET.
In the New York session, Canada wholesale sales data for
February and China Conference Board 's leading economic index are
slated for release.
At 11:30 am ET, Federal Reserve Bank of Minneapolis President
Neel Kashkari is expected to speak at the University of California,
in Los Angeles.
Subsequently, Fed's Kashkari is expected to speak at Claremont
McKenna College at 3:15 pm ET.
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