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Euro Climbs Amid Macron's Victory In First Round Of French Election


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The euro was higher against its major counterparts in the European session on Monday, as President Emmanuel Macron won the first round of the French presidential election, helping reduce uncertainty over a far-right victory that could upset the markets.

Macron won 27.6 percent of the vote in the first round and far-right nationalist Marine Le Pen got 23.4 percent of the vote, setting stage for a runoff in the second round of election.

Macron’s victory is perceived as positive for markets, given his support for NATO and close ties with the European Union.

The runoff vote is scheduled on April 24, with opinion polls suggesting the race to be more closer.

“I don’t want a France which, having left Europe, would have as its only allies the international populists and xenophobes,” Macron told supporters.

The euro climbed to a 4-day high of 1.0933 against the greenback and near a 2-week high of 137.13 against the yen, off its early lows of 1.0874 and 135.27, respectively. The euro is seen finding resistance around 1.12 against the greenback and 139.5 against the yen.

The euro touched 1-week highs of 1.0206 against the franc and 0.8380 against the pound, from its early lows of 1.0160 and 0.8350, respectively. Next key resistance for the euro is likely seen around 1.05 against the franc and 0.86 against the pound.

The euro was up against the aussie and the loonie, at 1-week highs of 1.4685 and 1.3760, respectively. The euro is likely to face resistance around 1.48 against the aussie and 1.41 against the loonie.

The euro moved up to a 1-week high of 1.5978 against the kiwi around 4:30 am ET, but it has since eased back to 1.5917. The pair had finished Friday’s trading session at 1.5873.

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