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Forex News: Euro Trades Higher As Macron's Party Leads In

Euro Trades Higher As Macron's Party Leads In French Election

06/12/2017 - 09:48:00 (RTTNews)

(RTTNews) - The euro traded higher against its most major counterparts in the European session on Monday, as the French president Emmanuel Macron's new centrist party was set for a landslide victory in the Parliamentary elections, enabling him to carry out economic and social reforms to prop up economic growth.

Final results showed that Macron's Republic on the Move and Modem allies had won 31.9 percent of votes in the first round of French parliamentary election on Sunday, which will give up to 440 seats in the 577-seat National Assembly.

Second round of elections take place on Sunday, with pollsters projecting Macron's alliance to secure a huge majority of seats in the lower house.

Solid parliamentary majority in the second round would empower the French President to implement his pro-business policies as pledged to bolster economic growth and jobs.

Investors focus on central banks' meetings in Britain, the U.S. and Japan later this week for more direction.

The Federal Reserve is widely expected to raise interest rates by 25 bps despite a succession of poor inflation readings. No changes are expected from the Bank of England and the Bank of Japan.

The euro held steady against its major rivals in the Asian session.

The euro climbed to 1.1232 against the greenback, from a low of 1.1197 hit at 7:45 am ET. If the euro-greenback pair extends rise, 1.14 is likely seen as its next resistance level.

The euro strengthened to more than a 7-month high of 0.8866 against the pound, compared to 0.8783 hit late New York Friday. Continuation of the euro's uptrend may see it challenging resistance around the 0.895 region.

Survey by the Institute of Directors showed that UK business confidence sharply deteriorated following the inconclusive election on June 8 and business leaders are very concerned about the impact of the political uncertainty on the Brexit talks.

"There has been a negative swing of 34 points in confidence in the UK economy from our last survey in May," the IoD said. The euro recovered to 1.0866 against the Swiss franc, off its early low of 1.0845. On the upside, 1.10 is possibly seen as the next resistance level for the euro-franc pair.

On the flip side, the euro edged down to 123.20 against the yen, reversing from an early high of 123.73. The next possible support for the euro-yen pair is seen around the 122.00 area.

Data from the Bank of Japan showed that Japan's producer prices were flat in May.

That was beneath expectations for an increase of 0.1 percent and down from 0.2 percent in April.

Looking ahead, U.S. Federal Reserve's monthly budget statement for May is due to be released at 2:00 pm ET.

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