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Forex News: Euro Higher After EU Election Results

Euro Higher After EU Election Results

05/27/2019 - 03:22:00 (RTTNews)

(RTTNews) - The euro was higher against its most major counterparts in the Asian session on Monday, as the centre-right European People's Party obtained most of the seats in the European Parliament, with the gains of populist and Eurosceptic parties not much stronger as anticipated.

The European People's Party secured 178 seats in the European Parliamentary elections, remaining as the largest group in 751-seat chamber.

The Progressive Alliance of Socialists & Democrats got 152 seats in the European Parliament, becoming the second largest winner in elections.

The results showed that the populist and nationalist parties did not fare well as expected.

Asian shares were mostly higher following positive cues from Wall Street Friday after worries about U.S.-China trade tensions eased following comments from U.S. President Donald Trump that he remains hopeful of a trade deal.

No major economic data is scheduled today and trading volumes are likely to be thin amid market holidays in the U.S. and U.K.

The euro strengthened to near a 2-week high of 1.1215 against the greenback and held steady thereafter. The pair was valued at 1.1204 when it ended deals on Friday.

The euro that finished last week's trading at 122.44 against the yen appreciated to a 4-day high of 122.81. If the euro rises further, 125.00 is possibly seen as its next resistance level.

Final data from the Cabinet Office showed that Japan's leading index reached its lowest level in almost three years in March.

The leading index, which measures the future economic activity, declined to a revised 95.9 in March from 97.1 in February. This was the lowest reading since April 2016.

The single currency spiked up to a 4-day high of 1.1256 against the franc, up from last week's closing value of 1.1222. The euro is likely to find resistance around the 1.14 region.

On the flip side, the euro declined to a 4-day low of 0.8791 against the pound, compared to 0.8811 hit late New York Friday. The euro is poised to test support around the 0.86 mark.

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