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Forex News: Euro Advances After Far-right Leader Le Pen's Remarks

Euro Advances After Far-right Leader Le Pen's Remarks

06/17/2024 - 11:36:00 (RTTNews)

(RTTNews) - The euro was higher against its major counterparts in the New York session on Monday, as promising comments from far-right leader Marine Le Pen helped restore calm in financial markets.

Le Pen told Le Figaro newspaper that she would co-operate with President Emmanuel Macron if she wins the snap parliamentary election that begins later this month.

Also, European Central Bank policymakers reportedly said they had no plans to launch emergency purchases of French bonds to stabilize the market.

Data from Eurostat showed that the euro area hourly labor cost growth accelerated more than expected in the first quarter.

Hourly labor cost grew at a faster pace of 5.1 percent on a yearly basis, which was faster than the 3.4 percent increase seen in the fourth quarter of 2023. The rate was also faster than economists' forecast of 4.9 percent.

The euro rose to 1.0720 against the greenback, 0.9568 against the franc and 169.28 against the yen, off its early lows of 1.0686, 0.9515 and 167.95, respectively. The euro is poised to challenge resistance around 1.10 against the greenback, 0.98 against the franc and 171.00 against the yen.

The euro touched 0.8461 against the pound, setting a 6-day high. The currency is likely to locate resistance around the 0.86 level.

The single currency edged up to 1.4743 against the loonie, reversing from an early low of 1.4693. Next key resistance for the currency is seen around the 1.49 level.

The European currency advanced to a 4-day high of 1.6263 against the aussie and a 6-day high of 1.7542 against the kiwi, from its early lows of 1.6175 and 1.7426, respectively. The currency is seen finding resistance around 1.67 against the aussie and 1.78 against the kiwi.

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