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Forex News: Euro Advances As German Political Worries Ease

Euro Advances As German Political Worries Ease

11/27/2017 - 03:20:00 (RTTNews)

(RTTNews) - The euro advanced against its major counterparts in the Asian session on Monday, as German Chancellor Angela Merkel said that she would pursue a grand coalition with Social Democrats to end the political instability in Europe's biggest economy.

Last week, the SPD agreed to hold talks with Merkel, raising the prospect of a grand coalition and end the deadlock created by the collapse of three-way coalition talks with FDP and Greens.

"We have the firm intention of having an effective government," Daniel Guenther, conservative premier of the state of Schleswig Holstein said.

Merkel and SPD head Martin Schulz are scheduled to meet German President Frank-Walter Steinmeier on Thursday.

Investors await the Fed chair Janet Yellen's testimony on the economic outlook before the Congressional Joint Economic Committee on Wednesday, a day before the U.S. Senate Banking Committee holds a confirmation hearing for new Fed chief nominee Jerome Powell.

The euro edged up to 0.8959 against the pound, compared to 0.8941 hit late New York Friday. The euro may challenge resistance around the 0.905 region.

The single currency reversed from an early low of 1.1912 against the greenback, rising back to 1.1933. Continuation of the euro's uptrend may see it challenging resistance around the 1.21 mark.

The euro advanced to 1.1697 against the franc early in the Asian session and held steady thereafter. The pair finished last week's deals at 1.1678.

On the flip side, the euro retreated to 132.72 against the Japanese yen, from an early high of 133.23. If the euro extends fall, 130.00 is likely seen as its next support level.

Looking ahead, U.S. new home sales for October are due in the New York session.

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