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Forex News: Euro Extends Gain On French Election Solace

Euro Extends Gain On French Election Solace

04/25/2017 - 06:49:00 (RTTNews)

(RTTNews) - The euro continued to be higher against the other major currencies in the European session on Tuesday, as victory of French centrist candidate and market-favorite Emmanuel Macron in the first round backed hopes that he would defeat far-right rival Marine Len Pen in the run-off vote on May 7.

Since most polls showed an overwhelming victory to Macron with more than 60 percent of vote on the second round, the fears over an anti-euro shock had abated.

France's outgoing president, Francois Hollande, has urged voters to back centrist Macron in the second round of the election, warning that far-right leader Marine Le Pen would be a "massive risk" for the economy and jobs.

The European Central Bank meets this week, with economists expecting no policy changes despite recent indications of robust growth and surging inflation. All eyes are on the ECB President Mario Draghi's press conference, which is likely to shed more clues about the economic outlook.

Preliminary figures from Eurostat showed that Eurozone general government deficit to GDP ratio declined in the fourth quarter of 2016 after widening in the previous three months.

As a percentage of GDP, the seasonally adjusted government deficit was 1.4 percent in the final three months of 2016 versus 1.6 percent in the third quarter.

In an interview with the Austrian newspaper Der Standard, the ECB policymaker Ewald Nowotny said that uncertainty about the future measures of the Trump administration is particularly worrying and the problems from Brexit may be underestimated as of now, both posing political risks for the European economy.

"One of our interlocutors in Washington told us that Trump and his team did not expect to win," Nowotny said.

The currency held steady against its major rivals in the Asian session, with the exception of the yen.

The common currency advanced to 1.0896 against the greenback and 0.8510 against the pound, from Monday's closing values of 1.0865 and 0.8493, respectively. Continuation of the euro's uptrend may see it challenging resistance around 1.10 against the greenback and 0.86 against the pound.

The 19-nation currency climbed to a 4-1/2-month high of 1.0838 against the Swiss franc and near a 4-week high of 120.38 against the yen, compared to yesterday's closing quotes of 1.0820 and 119.25, respectively. The next possible resistance for the euro is seen around 1.10 against the franc and 122.00 against the yen.

The single currency strengthened to 1.4779 against the loonie, its strongest since November 2016. The euro is seen finding resistance around the 1.49 level.

The euro rose to a 6-1/2-month high of 1.5667 against the kiwi and a 3-1/2-month high of 1.4462 versus the aussie, from Monday's closing values of 1.5484 and 1.4355, respectively. The euro is poised to challenge resistance around 1.58 against the kiwi and 1.47 against the aussie.

Looking ahead, U.S. S&P/Case-Shiller home price index and Federal Housing Finance Agency's house price index for February, new home sales for March and consumer confidence for April are due in the New York session.

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