Euro Climbs After Macron Leads In French Presidential Debate
2017年3月21日 - 1:25PM
RTTF2
The euro advanced against its major counterparts in the early
European session on Tuesday, after the independent centrist
Emmanuel Macron established a clear lead over the far-right leader
Marine Le Pen in a televised debate, ahead of the French
Presidential election due next month.
Both clashed on issues about immigration, extremism and religion
several times, with Macron accusing Le Pen of twisting the truth
and "dividing" society.
According to the poll for the BFMTV broadcaster, 29 percent of
French believe Macron has been the most persuasive during the
debate.
Market participants cheered the debate outcome, which reduced
fears over a victory of anti euro candidate Le Pen in the French
elections.
Rising risk appetite also buoyed the currency, as most Asian
shares rose after Chicago Federal Reserve president Charles Evans
backed two more interest rate hikes this year, reinforcing recent
comments from Fed Chair Janet Yellen that further rate increases
would only be "gradual."
The euro has been trading in a positive territory in the Asian
session.
The euro climbed to an 8-day high of 1.0754 against the Swiss
franc, off its early low of 1.0715. Continuation of the euro's
uptrend may see it finding resistance around the 1.09 mark.
Data from the Federal Customs Administration showed that
Switzerland's trade surplus declined in February as exports
decreased amid an increase in imports.
The trade surplus declined to CHF 3.3 billion in February from
CHF 4.8 billion in January.
The euro firmed to a 1-1/2-month high of 1.0788 against the
greenback, from an early 5-day low of 1.0719. The euro is poised to
find resistance around the 1.09 region.
The euro reversed from an early nearly 2-week low of 120.66
against the yen, rising to 121.75. The next possible resistance for
the euro-yen pair is seen around the 123.00 level.
Bouncing off from an early low of 0.8675 against the pound, the
euro advanced to a 4-day high of 0.8726. On the upside, the euro
may target 0.90 as the next resistance level.
Bank of England Chief Economist Andy Haldane said using monetary
policy to boost productivity may be ineffective.
"Should monetary policymakers have sacrificed 1.5 million jobs
for the sake of an extra 1 or 2 percent of productivity? Hand on
heart, I can tell you this one would not knowingly have done so,"
he said at the London School of Economics.
The euro strengthened to an 8-day high of 1.4405 versus the
loonie, 4-day highs of 1.5337 against the kiwi and 1.4003 against
the aussie, after falling to 1.4308, 1.5214 and 1.3875,
respectively. The euro is seen finding resistance around 1.47
against the loonie, 1.56 against the kiwi and 1.43 against the
aussie.
Looking ahead, U.K. consumer, producer and retail price indexes
for February, house price index for January and public sector
finance data for February are slated for release shortly.
At 6:00 am ET, Federal Reserve Bank of New York President
William Dudley and Bank of England Governor Mark Carney are
expected to participate in a panel discussion about ethics and
culture in banking at the Bank of England, in London.
At 7:45 am ET, Federal Reserve Deputy Director for Division of
Bank Supervision and Regulation Maryann Hunter will attend American
Bankers Association's Government Relations Summit in
Washington.
In the New York session, Canada retail sales data is set to be
published.
At 12:00 pm ET, Federal Reserve Bank of Kansas City President
Esther George is expected to speak on the U.S. economy and the
Federal Reserve before an event hosted by Women in Housing and
Finance, in Washington.
At 3:45 pm ET, Bank of Canada Deputy Governor Lawrence Schembri
will deliver a speech at the Greater Vancouver Board of Trade.
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