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On Monday, the euro drifted away from peaks reached in the Asian session because market participants took profits from its revenues after centrist Emmanuel Macron's win over the far-right Marine Le Pen in France's presidential election.
Macron's defeat of a nationalist nominee who had unveiled here intention to take France out of the European Union brought the long-awaited relief to market participants who had feared another populist shake after the UK’s vote to exit the EU as well as Trump's election to president the previous year.
Macron's margin of win turned to be larger than previously expected. Well, with most votes counted, Macron had garnered approximately 65.5% versus Le Pen's 34.5% - a wider gap than the 20%, suggested by pre-election polls.
The common currency had been on an ascending trend in the days ahead of the election because market participants started positioning for a Macron win.
In early Asia trade the euro grew to $1.1024 versus the greenback, its highest value since November 9. Against the Japanese yen the euro leapt to a one-year high of 124.58 yen.
Reportedly, the ECB is analyzing the possibility of the change of the current inflation target of "below but close to 2%". It weakened the EUR
What is important today?
USD/SGD rises as the indicators disappoint the market.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
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