The common currency Euro traded close to a 6-month peak versus the US Dollar during Asian trading today, on growing expectations that the outcome of the upcoming French presidential election will bring Emmanuel Macron a win. Yesterday, the Euro edged higher as investors viewed the televised debate between Macron and Marine Le Pen as a win for Macron. Expectations of a more hawkish tone from the European Central Bank during next month’s policy meeting are also providing some support for the Euro.
As reported at 10:36 am (JST) in Tokyo, the EUR/USD was trading at $1.0977, a decline of 0.02%; earlier, the pair had hit a peak of $1.0989 while the low was set at $1.0976. The EUR/GBP was nearly flat at 0.8500 Pence; the pair’s trading range is narrow with 0.8492 Pence at the low end and 0.8504 at the high end.
Commodity Price Drop Shifting Sentiment
In Asia, the Dollar moved higher against the Japanese Yen, but has yet to hit yesterday’s 7-week peak at 113.045 Yen. Weak commodity prices are still weighing on the Aussie and Kiwi Dollars, as well, and analysts say that a further weakening of oil prices could drive an increase in risk aversion which would send the Yen higher. The USD/JPY is trading at 112.582 Yen, up 0.05%. The AUD/USD is trading currently at $0.7398, down 0.22%, while the NZD/USD was at $0.6867, down 0.10%.