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Euro edges higher as ECB comes back into focus

News Date: 9/5/2017 01:15:07
 

The euro settled on Tuesday early morning trading down from the highest level in six months but supported by easing fears about political tensions in France and signs of economic recovery in the euro zone, which boosted investor confidence.

At 03:45 GMT, the EURUSD is floating around the opening price of 1.0920.

The euro fell to 1.0920 from 1.10, the highest since early November, on Monday early trades after centrist candidate Emmanuel Macaron won the second round of the French presidential election over nationals.

Markets have re-focused on other fundamentals, such as the future of the ECB's stimulus policies and concerns about Britain's exit from the EU, which are strong reasons for the euro's weakness.

ECB board member Yves Mersch said on Monday that the central bank is about to replace the negative view on whether the eurozone economy will reach growth targets with a neutral one and should adjust it policy accordingly.

European Central Bank (ECB) Governor Mario Draghi is scheduled to speak on Wednesday in the Dutch parliament.

The dollar continued to rise as growing expectations that the Fed would raise interest rates on June after the US jobs report, which came higher than expected.

The US Dollar Index (USDIX) settled around the opening price at 99.00.

The solid US jobs report not only support the Federal Reserve's interest rates hike on June, but also supports expectations of further rate hikes this year by more than twice.

Fed interest rates on June are almost priced, and some market participants see the dollar struggling to rise further, especially given that there is no stimulus from President Donald Trump, who is unlikely to give any positive signs in the coming months. Since it deals with a divided Congress.

The USDJPY pair Unchanged since this morning, settling around the seven-week high above 113 levels, the Yen fell as March's average annualized cash earnings dropped to negative territory, signaling a weak income-related spending.

The pair has stabilized around the opening price at 113.25.

The pound remains consolidate near the highest level in seven months after the April retail sales index rose to 5.6% from the previous month's -1.0%. The British Retail Association, which is responsible for this index, attributed this rise to a rise in sales during the Easter season.

The pound dropped against the US dollar 0.20% to trade at 1.2950.


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