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Forex News: Euro Rises After French Election

Euro Rises After French Election

04/24/2017 - 02:14:00 (RTTNews)

(RTTNews) - The euro strengthened against the other major currencies in the Asian session on Monday, as investors reacted positively to the outcome of the first round of the French presidential elections that came in on expected lines erasing fears that the country may leave the European union.

Centrist Emmanuel Macron and far-right nationalist Marine Le Pen have won the first round of the French presidential election, triggering a runoff on May 7, according to projections by polling agencies and official partial results.

Last Friday, the euro had fallen 0.11 percent against the pound, 0.09 percent against the U.S. dollar, 0.21 percent against the franc and 0.23 percent against the yen.

In the Asian trading, the euro rose to 6-day high of 0.8499 against the pound and nearly a 4-week high of 120.33 against the yen, from last week's closing quotes of 0.8373 and 116.87, respectively. If the euro extends its uptrend, it is likely to find resistance around 0.86 against the pound and 122.00 against the yen.

The euro advanced to nearly a 1-1/2-month high of 1.0825 against the Swiss franc and a 3-1/2-month high of 1.4438 against the Australian dollar, from Friday's closing quotes of 1.0679 and 1.4204, respectively. The euro may test resistance near 1.09 against the franc and 1.47 against the aussie.

Against the U.S., the New Zealand and the Canadian dollars, the euro climbed to 5-1/2-month highs of 1.0918, 1.5494 and 1.4689 from last week's closing quotes of 1.0725, 1.5235 and 1.4465, respectively. On the upside, 1.13 against the greenback, against the kiwi and against the loonie are seen as the next resistance levels for the euro.

Looking ahead, German IFO business climate index for April is due to be released at 4:00 am ET.

In the New York session, Canada wholesale sales data for February and China Conference Board 's leading economic index are slated for release.

At 11:30 am ET, Federal Reserve Bank of Minneapolis President Neel Kashkari is expected to speak at the University of California, in Los Angeles.

Subsequently, Fed's Kashkari is expected to speak at Claremont McKenna College at 3:15 pm ET.

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