Euro Advances As Italy Heads For New Government
The euro was higher against its most major opponents in the
European session on Friday, buoyed by news on the formation of a
new government in Italy, the euro zone's third-largest economy.
Italy's anti-establishment Five Star Movement and the far-right
League reached a deal to form a populist government, helping avert
the prospect of a snap election.
The leaders have chosen Giuseppe Conte as Prime Minister, who
will be sworn in at 2.00 pm GMT.
Conte on Thursday presented his cabinet list to President Sergio
Mattarella, which had been accepted.
"All the conditions have been fulfilled for a political, Five
Star and League government," M5S leader Luigi Di Maio and Mr
Salvini said in a joint statement.
Final data from IHS Markit showed that the upturn in the
Eurozone manufacturing sector showed further signs of cooling in
May, as initially estimated.
The factory Purchasing Managers' Index fell to a 15-month low of
55.5 from 56.2 in April. The score matched the flash estimate of
55.5. A reading above 50 indicates expansion in the sector.
The currency has been trading in a positive territory against
its major rivals in the Asian session.
The euro rose back to 1.1703 against the greenback, from
yesterday's closing value of 1.1690. The next possible resistance
for the euro is seen around the 1.19 level. The euro firmed to a
4-day high of 127.80 against the yen, compared to 127.24 hit late
New York Thursday. If the euro continues its rise, 129.00 is
possibly seen as its next resistance level.
The latest survey from Nikkei showed that Japan manufacturing
sector continued to expand in May, albeit at a slower rate, with a
manufacturing PMI score of 52.8.
That's down from 53.8 in April, although it remains well above
the boom-or-bust line of 50 that separates expansion from
contraction.
The 19-nation currency advanced to 1.1564 against the Swiss
franc, from a low of 1.1515 seen at 7:00 pm ET. On the upside, 1.17
is likely seen as the next resistance for the euro.
The euro hit an 8-day high of 1.5499 against the aussie, after
having fallen to 1.5438 at 5:00 pm ET. The euro is likely to find
resistance around the 1.57 level.
Reversing from an early low of 1.6658 against the kiwi, the euro
edged up to 1.6737. The euro is poised to challenge resistance
around the 1.70 level.
Meanwhile, the euro gave up some of its early gains against the
pound, easing back to 0.8781. The euro is seen finding support
around the 0.86 region.
Looking ahead, U.S. jobs data for May, construction spending for
April and ISM manufacturing index for May are due in the New York
session.
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