EURUSD recovering marginally and trading. above the 1.08 level.
The single European currency (EURUSD) is trading above the 1.08 level, attempting to regain equilibrium after the start of the new week. When it was called into question following the results of the French elections, in which the Left Party surprised and earned the highest percentages.
The first swings of the Asian exchange rate began with a minor gap of roughly 40 basis points as market nervousness was strong since it is still too early to predict the ramifications of the French election results.
EURUSD supported on Friday as mixed US labor market data left the potential of a speedier Fed rate cut on the table.
Following the first battle, the exchange rate is exhibiting signs of calm. With the euro recovering marginally and trading. above the 1.08 level, but the situation is fairly hazy, and any significant wagers at the time appear to be exceedingly risky.
The European EURUSD supported on Friday. As mixed US labor market data left the potential of a speedier Fed rate cut on the table.
I remain doubtful of the European currency’s potential to easily break above the 1,10 level. And stay above it in the near term, as the interest rate differential continues to clearly favor the US dollar. And any local highs in the Euro expected to increase demand for the US currency.
Today’s program is rather light, with no significant macroeconomic developments or statements from Fed and ECB leaders.
The market’s difficulty in interpreting the outcome of the French election is predicted to weigh on the European currency. And create a foggy atmosphere, with investors likely to avoid placing huge bets.
There is no big changes in my opinion. And now that the EURUSD level of 1,06 at which I planned to buy the European currency passed. I am on hold and will consider buying the American currency at 1,10 or higher.
