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Forex News: Euro Slides As Le Pen's Support Grows Ahead

Euro Slides As Le Pen's Support Grows Ahead Of French Election Debate

04/04/2017 - 07:04:00 (RTTNews)

(RTTNews) - The euro declined against its key counterparts in the European session on Tuesday, after polls showed centrist candidate Emmanuel Macron and far-right leader Marine Le Pen are closely tied in the first round of voting in French Presidential election, ahead of the second televised debate tonight.

A Cevipof poll for Le Monde newspaper showed that Macron and Le Pen have equal support in the first round of elections on April 23, with both counting on 25 percent of votes.

The poll predicted that Macron would beat Le Pen by 61 percent to 39 percent in the second round of election on May 7.

The Presidential candidates are set to face each other in a second televised debate on Tuesday evening.

Investors also look forward to this week's crucial summit between U.S. President Donald Trump and Chinese President Xi Jinping, with trade issues and North Korea's nuclear development expected to be high on the agenda.

As the talks loom, China's chief diplomat Yang Jiechi and U.S. Secretary of State Rex Tillerson said that the first summit between the heads of the world's two biggest economies will be of "great significance" for global peace.

Data from Eurostat showed that Eurozone retail trade volume grew more than expected in February largely reflecting higher clothing and footwear sales.

Retail sales climbed 0.7 percent month-on-month in February, faster than the revised 0.1 percent rise seen in January. The monthly rate was faster than the expected 0.5 percent.

The euro showed mixed trading against its major rivals in the Asian session. While the euro held steady against the greenback and the franc, it fell against the Japanese yen. Against the pound, the currency firmed.

The euro declined to 117.57 against the Japanese yen, a level unseen since November 2016. Continuation of the euro's downtrend may see it challenging support around the 116.00 zone.

Data from the Bank of Japan showed that Japan's monetary base rose 20.3 percent on year in March, coming in at 436.263 trillion yen.

That follows the 21.4 percent spike in February.

Pulling away from an early high of 1.0675 against the greenback, the euro slipped to 1.0644. The euro is poised to challenge support around the 1.04 region.

The single currency edged down to 1.0679 against the Swiss franc, from a high of 1.0690 hit at 10:15 pm ET. The next possible support for the euro-franc pair is seen around the 1.04 level.

The 19-nation currency eased back to 0.8546 against the pound, following a 4-day high of 0.8587 hit at 1:15 am ET. On the downside, 0.835 is likely seen as the next possible support for the euro-pound pair.

Survey results from IHS Markit showed that the UK construction sector growth slowed slightly in March.

The Chartered Institute of Procurement & Supply/Markit Purchasing Managers' Index dropped to 52.2 in March from 52.5 in February. The score was expected to remain unchanged at 52.5.

Looking ahead, U.S. trade data, factory orders and durable goods orders for February as well as Canada trade data for the same month are slated for release in the New York session.

At 10:30 am ET, European Central Bank President Mario Draghi is expected to speak at the European Central Bank's launching of the new ?50 banknote, in Frankfurt.

At 4:30 pm ET, Federal Reserve Governor Daniel Tarullo will deliver a speech titled "Departing Thoughts" at Princeton University.

For comments and feedback: contact editorial@rttnews.com

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