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Forex News: Euro Advances As Italy Heads For New Government

Euro Advances As Italy Heads For New Government

06/01/2018 - 06:32:00 (RTTNews)

(RTTNews) - The euro was higher against its most major opponents in the European session on Friday, buoyed by news on the formation of a new government in Italy, the euro zone's third-largest economy.

Italy's anti-establishment Five Star Movement and the far-right League reached a deal to form a populist government, helping avert the prospect of a snap election.

The leaders have chosen Giuseppe Conte as Prime Minister, who will be sworn in at 2.00 pm GMT.

Conte on Thursday presented his cabinet list to President Sergio Mattarella, which had been accepted.

"All the conditions have been fulfilled for a political, Five Star and League government," M5S leader Luigi Di Maio and Mr Salvini said in a joint statement.

Final data from IHS Markit showed that the upturn in the Eurozone manufacturing sector showed further signs of cooling in May, as initially estimated.

The factory Purchasing Managers' Index fell to a 15-month low of 55.5 from 56.2 in April. The score matched the flash estimate of 55.5. A reading above 50 indicates expansion in the sector.

The currency has been trading in a positive territory against its major rivals in the Asian session.

The euro rose back to 1.1703 against the greenback, from yesterday's closing value of 1.1690. The next possible resistance for the euro is seen around the 1.19 level. The euro firmed to a 4-day high of 127.80 against the yen, compared to 127.24 hit late New York Thursday. If the euro continues its rise, 129.00 is possibly seen as its next resistance level.

The latest survey from Nikkei showed that Japan manufacturing sector continued to expand in May, albeit at a slower rate, with a manufacturing PMI score of 52.8.

That's down from 53.8 in April, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

The 19-nation currency advanced to 1.1564 against the Swiss franc, from a low of 1.1515 seen at 7:00 pm ET. On the upside, 1.17 is likely seen as the next resistance for the euro.

The euro hit an 8-day high of 1.5499 against the aussie, after having fallen to 1.5438 at 5:00 pm ET. The euro is likely to find resistance around the 1.57 level.

Reversing from an early low of 1.6658 against the kiwi, the euro edged up to 1.6737. The euro is poised to challenge resistance around the 1.70 level.

Meanwhile, the euro gave up some of its early gains against the pound, easing back to 0.8781. The euro is seen finding support around the 0.86 region.

Looking ahead, U.S. jobs data for May, construction spending for April and ISM manufacturing index for May are due in the New York session.

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