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Forex News: Euro Advances As Italy's League, 5-Star Head To

Euro Advances As Italy's League, 5-Star Head To Form Government

05/14/2018 - 05:38:00 (RTTNews)

(RTTNews) - The euro strengthened against its major opponents in the early European session on Monday, as investors cheered latest developments in Italy, where the leaders of Five Star Movement and the League are heading to form a coalition government.

The two parties reached a deal on Sunday as a result of last-ditch attempts to break a two-month impasse since the inconclusive election in March.

Italian President Sergio Mattarella is set to hold formal talks with the 5-Star leader Luigi Di Maio and League chief Matteo Salvini today afternoon.

5Star leader Luigi Di Maio said that they have agreed about the Prime Ministerial candidate, who will be "a politician and not a technician".

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

The euro rose to a session's high of 0.8827 against the pound, compared to last week's closing value of 0.8813. The next possible resistance for the euro is seen around the 0.90 level.

The 19-nation currency firmed to a 10-day high of 1.1985 against the greenback, after having fallen to 1.1937 at 5:00 pm ET. The euro is likely to find resistance around the 1.21 region.

The European currency that closed Friday's deals at 130.55 against the yen advanced to an 11-day high of 131.30. On the upside, 132.00 is likely seen as the next resistance level for the euro.

Data from the Bank of Japan showed that Japan's producer prices rose 0.1 percent on month in April - in line with expectations following the 0.1 percent decline in March.

On a yearly basis, producer prices climbed 2.0 percent - again matching estimates following the 2.1 percent gain in the previous month.

The euro strengthened to a 5-day high of 1.5314 against the loonie, 4-day high of 1.5884 against the aussie and near a 3-week high of 1.7243 against the kiwi, from its early lows of 1.5260, 1.5817 and 1.7143, respectively. The euro is seen finding resistance around 1.55 against the loonie, 1.60 against the aussie and 1.74 against the kiwi.

Following a decline to 1.1937 against the franc at 5:00 pm ET, the euro climbed to a weekly high of 1.1978. If the euro continues its rise, 1.21 is possibly seen as its next resistance level.

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