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Forex News: Euro Falls Ahead Of French Presidential Vote

Euro Falls Ahead Of French Presidential Vote

05/05/2017 - 06:31:00 (RTTNews)

(RTTNews) - The euro declined against the other major counterparts in early European deals on Friday, as sentiment faded after commodities declined on China growth worries and investors became cautious ahead of second round of Presidential elections in France on Sunday.

The runoff vote between the centrist leader Emmanuel Macron and far-right candiate Marine Le Pen is due on May 7, with its outcome to set the future of France in the currency bloc.

Opinion polls show Macron as a clear winner over Le Pen, with latest Elabe poll for BFM TV and L'Express showing Macron defeating Le Pen by 62-38 percent of votes.

The all-important U.S. jobs report is due later in the day, which would shed more insights about the strength of labor market.

U.S. employment is expected to increase by 180,000 jobs in April after an increase of 98,000 jobs in March. The unemployment rate is expected to tick up to 4.6 percent from 4.5 percent.

Traders also keep an eye on speeches by several Fed officials, including Fed Chair Janet Yellen, to ascertain their views on the economy and interest rates.

Preliminary data from the statistical office INE showed that Spain's industrial production growth slowed significantly in March.

The industrial production index rose a seasonally-and-calendar adjusted 0.4 percent year-on-year after a 2.5 percent growth in February.

The euro was trading in a negative territory in the Asian session, with the exception of the franc.

The euro was trading at 123.16 against the yen, down from an early 4-month high of 123.67. The next possible downside target for the euro-yen pair is seen around the 121.00 region.

The euro reversed from an early 6-month high of 1.0990 against the greenback, edging down to 1.0960. If the euro falls further, it may locate support around the 1.08 level.

The euro, having advanced to a 9-day high of 0.8509 against the pound at 12:15 am ET, reversed direction and fell to 0.8469. On the downside, the euro may target 0.83 as the next support level.

Pulling away from an early high of 1.0846 against the Swiss franc, the euro fell back to 1.0831. The euro is poised to locate support around the 1.06 mark.

The euro eased to 1.5886 against the kiwi, 1.5083 against the loonie and 1.4809 against the aussie, from its early high of 1.6008, 6-month high of 1.5151 and near an 8-month high of 1.4910, respectively. The euro is seen finding support around 1.57 against the kiwi, 1.48 against the loonie and 1.46 against the aussie.

Looking ahead, U.S. non-farm payrolls data and Canada jobs data and Ivey PMI for April, as well as U.S. consumer credit for March are due in the New York session.

At 11:30 am ET, the Fed Governor Stanley Fischer speaks about "Monetary Policy Rules and Committees" at the Hoover Institution, in Stanford.

San Francisco Fed President John Williams speaks before the Shadow Open Market Committee in New York at 12:45 pm ET.

The Fed Chair Janet Yellen gives a speech titled "125 Years of Women's Participation in the Economy" at Brown University, in Providence at 1:30 pm ET.

Simultaneously, Chicago Fed President Charles Evans speaks at the Hoover's Monetary Policy Conference, in Stanford.

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