Euro Advances As German Political Worries Ease
27 November 2017 - 04:20AM
RTTF2
The euro advanced against its major counterparts in the Asian
session on Monday, as German Chancellor Angela Merkel said that she
would pursue a grand coalition with Social Democrats to end the
political instability in Europe's biggest economy.
Last week, the SPD agreed to hold talks with Merkel, raising the
prospect of a grand coalition and end the deadlock created by the
collapse of three-way coalition talks with FDP and Greens.
"We have the firm intention of having an effective government,"
Daniel Guenther, conservative premier of the state of Schleswig
Holstein said.
Merkel and SPD head Martin Schulz are scheduled to meet German
President Frank-Walter Steinmeier on Thursday.
Investors await the Fed chair Janet Yellen's testimony on the
economic outlook before the Congressional Joint Economic Committee
on Wednesday, a day before the U.S. Senate Banking Committee holds
a confirmation hearing for new Fed chief nominee Jerome Powell.
The euro edged up to 0.8959 against the pound, compared to
0.8941 hit late New York Friday. The euro may challenge resistance
around the 0.905 region.
The single currency reversed from an early low of 1.1912 against
the greenback, rising back to 1.1933. Continuation of the euro's
uptrend may see it challenging resistance around the 1.21 mark.
The euro advanced to 1.1697 against the franc early in the Asian
session and held steady thereafter. The pair finished last week's
deals at 1.1678.
On the flip side, the euro retreated to 132.72 against the
Japanese yen, from an early high of 133.23. If the euro extends
fall, 130.00 is likely seen as its next support level.
Looking ahead, U.S. new home sales for October are due in the
New York session.
Euro vs Yen (FX:EURJPY)
Forex Chart
Von Feb 2024 bis Mär 2024
Euro vs Yen (FX:EURJPY)
Forex Chart
Von Mär 2023 bis Mär 2024