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Forex News: Euro Higher As Spain's Ruling Socialist Party Holds

Euro Higher As Spain's Ruling Socialist Party Holds Power In Elections

04/29/2019 - 06:47:00 (RTTNews)

(RTTNews) - The euro firmed against its major opponents in the early European session on Monday, as Spain's ruling socialist party retained power in snap elections on Sunday, though it lacks a majority to form a government.

The socialist party headed by Prime Minister Pedro Sanchez obtained 123 seats in 350-seat Parliament. Sanchez still needs support of other parties to form a government, having fallen short of the 176 seats necessary to control Parliament.

The PSOE could rely on the support of Podemos, its previous coalition partner, as well as some small regional parties to form a majority.

The conservative People's party got 66 seats, the centre-right Citizens party won 57 seats, the anti-austerity Unidas Podemos and its allies secured 42 seats and Vox captured 24 seats.

Survey data from the European Commission showed that Eurozone economic sentiment weakened for a tenth straight month in April and at a faster-than-expected pace, amid sharp deterioration in the morale in industry.

The economic sentiment index decreased to 104 from 105.6 in March. Economists had expected a score of 105.

Data from the European Central Bank showed that Eurozone M3 money supply annual growth improved for a second straight month to its highest level in over a year.

M3, a measure of broad money supply, grew 4.5 percent year-on-year in March after a 4.3 percent increase in February.

The currency has been trading higher against its major counterparts in the Asian session, barring the pound.

The euro appreciated to a 4-day high of 124.86 against the yen, from a low of 124.40 seen at 5:00 pm ET. The euro is seen finding resistance around the 127.00 level.

Having declined to 1.1145 against the greenback at 5:00 pm ET, the euro changed direction and advanced to 1.1167. Next key resistance for the euro is seen around the 1.13 level.

The euro climbed to a 4-day high of 1.1388 against the Swiss franc, following a decline to 1.1360 at 5:00 pm ET. On the upside, 1.15 is possibly seen as the next resistance level for the euro.

The European currency edged up to a session's high of 1.5040 against the loonie, reversing from a low of 1.4993 touched at 5:15 pm ET. Should the euro continues its rise, 1.52 is possibly seen as its next resistance level.

The euro bounced off to 1.5837 against the aussie and 1.6750 against the kiwi, from its early 5-day low of 1.5806 and near a 2-week low of 1.6692, respectively. The euro is poised to test resistance around 1.60 against the aussie and 1.70 against the kiwi.

The single currency staged a modest rebound to 0.8631 against the pound, after sliding to 0.8621 at 4:00 am ET. The next possible resistance for the euro is seen around the 0.88 level.

Looking ahead, U.S. personal income and spending data for March are set for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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