Euro pauses after surge

Euro pauses after surge

On Tuesday, the common currency declined, catching its breath after a relief soar sparked by the first round outcome of the French election, while the Canadian dollar edged down on news of American duties on Canadian softwood lumber.

The euro sagged 0.1%, hitting $1.0860, off Monday's high of $1.0940, its highest value since November 10, after centrist Emmanuel Macron managed to win the first round of the French presidential elections.

Surveys show that Macron defeating anti-EU, anti-euro nationalist Marine Le Pen will take part in the runoff vote next month.

The common currency will probably demonstrate resilience considering the low probability of Le Pen winning the second round vote on May 7.

However, the near term revenues will be limited in the wake of the euro’s short-covering surge.

Surveys point out that the business-friendly Macron might grasp 61% of the vote against Le Pen after two defeated counterparts promised to back him to withstand her eurosceptic as well as anti-immigrant platform.

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