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Forex News: Euro Remains Weaker After German Election Results

Euro Remains Weaker After German Election Results

09/25/2017 - 05:17:00 (RTTNews)

(RTTNews) - The euro remained lower against its key counterparts in early European deals on Monday, as support for German Chancellor Angela Merkel's alliance declined in the federal election on Sunday and she will have to build up a coalition to form a government in the wake of growing votes for the Alternative for Germany.

The lead for Merkel's centre-right CDU collapsed eight points to around 33 per cent, as the AfD is set to become the third largest party in the Parliament.

Merkel's current coalition partner, the social democratic SPD, ruled out of forming a coalition and said that they will become an opposition party.

Merkel's conservative bloc must look to form a government with the Free Democrats, the Greens and other smaller parties to remain in power.

Survey results from Ifo Institute showed that Germany's business confidence weakened in September.

The business confidence index fell to 115.2 in September. Economists had forecast the indicator to remain at August's initially estimated value of 115.9.

The current situation index came in at 123.6 in September, below the expected reading of 124.6

The euro fell back to 1.1899 against the greenback, just few pips short of its early Asian session's 4-day low of 1.1897. The next possible support for the euro-greenback pair is seen around the 1.18 region.

The single currency retreated to 133.52 versus the Japanese yen, heading to pierce a 4-day low of 133.43 set at the beginning of Asian deals. If the euro-yen pair extends decline, 132.00 is possibly seen as its next support level.

Data from the Cabinet Office showed that Japan's leading index decreased less than initially estimated in July.

The leading index, which measures the future economic activity, dropped to 105.2 in July from 105.7 in June. The reading for July was revised up from 105.0.

The euro pulled back to 1.1565 against the Swiss franc, from a high of 1.1591 hit at 8:15 pm ET. This may be compared to a 4-day low of 1.1548 hit at the commencement of Asian deals. Continuation of the euro's downtrend may see it challenging support around the 1.14 mark.

The 19-nation currency dropped to 0.8787 against the pound and held steady thereafter. The pair finished last week's trading at 0.8852.

Extending early decline, the euro slid to a 4-day low of 1.4952 against the aussie. The euro is poised to locate 1.48 as the next support level.

The euro pared gains to 1.4679 against the loonie, off its early high of 1.4730. Further weakness may take the euro to a support around the 1.45 region.

Looking ahead, at 8:30 am ET, Federal Reserve Bank of New York President William Dudley speaks on "Workforce Development" at Onondaga Community College.

Half an hour later, the ECB President Mario Draghi gives testimony before the European Parliament Economic and Monetary Affairs Committee in Brussels, Belgium.

Federal Reserve Bank of Chicago President Charles Evans speaks before the Economic Club of Grand Rapids in Michigan at 12:40 pm ET.

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