The Euro (EUR) is rising a bit following yesterday’s successful vote of no confidence in the French government. The motion ended Prime Minister Barnier’s brief tenure, notes Shaun Osborne, chief FX strategist at Scotiabank.
EUR rises
“President Macron must now try to find another prime minister who can attract a larger part of parliament and get a budget approved. It is not an easy task. But, for now, local bonds have stabilized (OATs exceeding have closed the yield gap on the 10-year Bunds by around 3 basis points today), helping to give a modest boost to the EUR.”
“Yesterday’s positive short-term price action and moderate gains through the lows of 1.05 today give the EUR an opportunity to extend a little further to test the key resistance and possible bullish trigger at 1.0590. Support at 1.0465/70.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
