Breaking News

Forex - Euro hits fresh 5-month highs, yen sinks

ForexApr 25, 2017 10:56AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. Euro hits fresh 5-month highs, yen sinks - The euro hit fresh five-month highs against the dollar on Tuesday after a rally triggered by the first-round results of the French presidential election, while the safe haven yen weakened in risk-on trade.

EUR/USD was up 0.56% to 1.0929 by 10.45 ET, the highest level since November 11 after centrist former economy minister Emmanuel Macron won the first round of French presidential elections over the weekend.

Polls, which were largely accurate in predicting the first round result, have indicated that Macron will comfortably beat far right candidate Marine Le Pen in the runoff vote on May 7, easing concerns over the prospect of a French exit from the euro zone.

The dollar rose to two-week highs against the yen, with USD/JPY rising 0.69% to 110.53.

The stronger euro weighed on the dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, sending it to a one-month trough of 98.72.

Investors were eyeing events in Washington ahead of a looming deadline to avoid a government shutdown as they awaited more detail of a plan to overhaul tax from President Donald Trump.

Trump said last week that he would make an announcement about "a big tax reform and tax reduction" on Wednesday.

Trump has also indicated that he is flexible about waiting to secure funding for his promised border wall with Mexico, in a shift that could clear the way for lawmakers to reach a deal to avoid a government shutdown on Saturday.

Figures released on Tuesday showed that U.S. new home sales rose to an eight month high in March, increasing 5.8% to a seasonally adjusted annual rate of 621,000.

In other U.S. data, consumer confidence fell more than expected in April, partly due to concerns about the jobs market.

Sterling pushed higher against the dollar, with GBP/USD ticking up 0.2% to 1.2819.

Meanwhile, the Canadian dollar fell to the lowest levels in fourteen months amid concerns over an escalating dispute with the U.S. over the terms of the North American Free Trade Agreement.

The U.S. Commerce Department said Monday it will impose import duties ranging from 3% to 24% on Canadian softwood lumber imports.

USD/CAD touched a session high of 1.3614, the strongest level since February 25 2016, and was last at 1.3601, up 0.73% for the day.

Forex - Euro hits fresh 5-month highs, yen sinks

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email