Euro Rises Ahead Of Italian Constitutional Referendum
28 November 2016 - 02:56AM
RTTF2
The euro strengthened against most major currencies in the Asian
session on Monday ahead of Italian constitutional referendum due to
be held this weekend.
Traders await the Italian constitutional referendum on December
4. French Republican primary results expect Francois Fillon to win
the election, beating the National Front's Marine Le Pen.
A speech by European Central Bank President Mario Draghi in
European Parliament is also largely awaited by the traders before
the ECB's rate decision on December 8.
In the Asian trading, the euro rose to nearly a 2-week high of
1.0685 against the U.S. dollar, nearly a 3-week high of 1.0770
against the Swiss franc and nearly a 2-week high of 1.4394 against
the Canadian dollar, from Friday's closing quotes of 1.0591, 1.0739
and 1.4308, respectively. If the euro extends its uptrend, it is
likely to find resistance around 1.10 against the greenback, 1.09
against the franc, and 1.48 against the loonie.
The euro advanced to 0.8541 against the pound, from Friday's
closing value of 0.8482. The euro is likely to find resistance
around the 0.90 region.
Against the Australian and the New Zealand dollars, the euro
climbed to 4-day high of 1.4309 and 1.5095 from last week's closing
quotes of 1.4219 and 1.5022, respectively.
On the upside, 0.90 against the pound, 1.47 against the aussie
and 1.56 against the kiwi are seen as the next resistance level for
the euro.
Meanwhile, the euro fell to a 4-day low of 118.82 against the
euro, from Friday's closing value of 119.75. The euro may test
support near the 116.00 region.
Looking ahead, Eurozone M3 money supply data for October is due
to be released at 4:00 am ET.
At 8:10 am ET, European Central Bank executive board member
Benoît Cœuré gives a speech at the annual conference of the
American-Hellenic Chamber of Commerce, in Athens.
At 9:00 am ET, European Central Bank President Mario Draghi will
testify about the European Central Bank's perspective on economic
and monetary developments and the consequences of the Brexit before
the European Parliament's Economic Committee, in Brussels.
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