Euro reverses after hitting six-month high on Macron victory

The euro survives its biggest political test

"Over the next couple of months, the market will turn its attention back to the economy, back to the debate about whether the European Central Bank can lift some of its accommodation perhaps early next year", Foley said.

European equities dipped, with French shares, which hit 9 1/2-year highs on Friday, underperforming the wider market. Macron's overwhelming win on Sunday briefly pushed the euro sharply higher against the greenback, the highest since the USA presidential election in November.

"The euro has had two successive positive weeks on the back of the expectation that Emmanuel Macron would win", said Michael Hewson, chief markets analyst at CMC Markets in London, who said markets had largely priced in Macron's victory.

"Investors will now go back to the basics of watching the underlying eurozone economic and inflation data and what implications it may have for monetary policy", said Iain Stealey, a fixed income portfolio manager for JPMorgan Asset Management.

The French centrist's defeat of nationalist Marine Le Pen spelled relief for investors who had feared another populist upheaval after Britain's vote to exit the European Union and Donald Trump's shock election as US president.

The annual increase in average earnings was held to 2.5% and, although markets continued to expect a rate hike at the June meeting, there were further doubts surrounding increases over the second half of 2017. Tokyo shares, resuming trade after a three-day market holiday, closed up 2.3% at a 17-month high.

The pan-European STOXX 600 index was down 0.1% while France's CAC 40 index fell 0.6%.

Nev: This season is the freak, Jose will get United scoring
But, according to O Jogo, Manchester United have no intention of letting Pereira go and have offered him a contract extension. And Mourinho is aware the Argentine, who would cost in the region of £55million, is a proven Premier League hotshot.

In the United States, pre-market stock futures are lower with the S&P futures -3.0 points.

In early Asian trading the euro rose as high as $1.1024, its highest since November 9. This was the lowest level after the first round of the French elections.

The dollar index, which tracks the US currency against a basket of six major rivals, added 0.2 percent to 98.812, after dipping as low as 98.543 earlier, its lowest since November.

Immediate support was found around $0.7383.The Aussie slipped 1 percent last week for the third consecutive week of decline, having dropped around four cents since a peak in late March.

Yields on lower-rated southern European government debt, seen most vulnerable to a reduction in the pace or scale of the ECB stimulus that has suppressed borrowing costs, rose.

10 year yields in Europe are mixed. Oil prices, which hit nearly six-month lows last week on worries about a global glut of crude, edged up after OPEC hinted there could be an extension to the current production cuts, which expire in June. Even strong trade data from China, Australia's top export market, combined with a 1.4 percent rise in Australian jobs ads in April and improving local business confidence and conditions failed to reverse sentiment.

Gold, often sought as a bulwark against risk, rose 0.3% to $1,231 an ounce.

Related News:

  • Teen's plea for free Wendy's nuggets sets retweet record

    Instantly, the "nuggs for Carter" hashtag was born, and in a mere two days the tweet hit the one million retweet milestone. He won't, I'm guessing, get all the free stuff DeGeneres promised him if he lets her Twitter record stay intact.
    Oil heads sideways despite Saudi-Russian hints at extending output cuts

    Oil heads sideways despite Saudi-Russian hints at extending output cuts

    A statement by Saudi energy minister on extension of oil cut agreement will be good news Nigeria, PREMIUM TIMES can report. At 792,000 bpd, Libya's oil production is at its highest since 2014 and about 30,000 bpd higher than last week.

    Health care debate shifting over to Senate

    I have been a critic of Obamacare since it became law, but the Republican alternative is worse in almost every way. By all accounts, however, the bill still faces a tough climb in the Senate despite the Republican majority there.
  • Hull loses to increase relegation fears in EPL

    Hull loses to increase relegation fears in EPL

    Swansea lose 1-0 against Everton, beat Sunderland 1-0 and win against West Bromwich Albion 2-1 in the final game of the season. Palace are still anxiously looking over their shoulders at the teams below them, sitting four points above Hull.
    Earnings On Deck For Plug Power Inc

    Earnings On Deck For Plug Power Inc

    Cowen and Company set a $3.00 price target on Plug Power and gave the stock a buy rating in a report on Thursday, April 6th. A high ROIC number typically reflects positively on company management while a low number typically reflects the opposite.

    Mets says Harvey will return to mound Friday at Milwaukee

    The pitcher said a private chef made him lunch, and after that he fell asleep, waking up with a migraine, the Web site reported . Dumping Harvey to another team might be the best thing for him, but it might not be the best resolution for the Mets.
  • Rangers wonderkid Gilmour to join Chelsea

    Rangers wonderkid Gilmour to join Chelsea

    Rangers could earn more than £1million from the sale of 15-year-old Billy Gilmour to Chelsea, Press Association Sport understands. Rangers had offered Gilmour an improved deal, but the Scotland youth global has chose to try his luck south of the border.

    Hanford employees told to take cover for fear of radioactive particles

    Energy Department said, referring to the almost 300,000 residents near the site about 200 miles southeast of Seattle. Henderson said emergency crews on the scene were trying to determine what caused the cave-in.

    Australia treasurer promises fair budget that reins in debt

    However, there remains a call for a royal commission into the sector after a number of financial planning and insurance scandals. Mr Morrison said the Budget would reward Australians for their hard work, like those striving to own their first home.
  • AAP Demonstrates 'How To Rig' A Vote Machine (EVM)

    AAP Demonstrates 'How To Rig' A Vote Machine (EVM)

    Sacked Water Minister Kapil Mishra on Sunday alleged that Kejriwal took Rs 2 crore in cash from cabinet colleague Satyendar Jain. The EC is expected to announce exact date for the hackathon during an all party meet convened on 12 May to discuss the subject.
    Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) presents New Insights at DDW Examining Patient

    Synergy Pharmaceuticals Inc. (NASDAQ:SGYP) presents New Insights at DDW Examining Patient

    Two research analysts have rated the stock with a sell recommendation and seven have given a buy recommendation to the company. On average, equities analysts expect that Synergy Pharmaceuticals will post ($0.73) EPS for the current fiscal year.

    Dozens of Chibok girls kidnapped by Boko Haram are released

    United Nations have stressed the Chibok girls are not the only ones who have suffered violence at the hands of Boko Haram. They were escorted to the reception in the capital Abuja by armed soldiers, after a check-up at a medical centre.


Most liked

Emma Watson praises genderless MTV Awards after 'Beauty' win
Morgan said he couldn't think of a better recipient than Watson, who he called a "flag bearer for all things gender neutral". Emma Watson had high praise for MTV's move to remove gender qualifiers for its Movie and TV Awards.

Teachers Suspended Over Harassment Of Female Students
She alleged that the invigilator had directed her daughter to do so after a metal detector emitted a "beep sound". The girl eventually had to take her bra off and hand it over to her mother who was waiting outside.

Tories take traditional Labour strongholds as Ukip collapses in local vote
The strong performance of the Conservative Party indicated that May's Brexit strategy is winning over voters. One seat in Northumberland, north-east England, had to be decided by drawing straws following a tie.

'Serious' Incident At Drayton Manor Theme Park
Medics from West Midlands Ambulance Service have confirmed that a patient was in the water following the incident. Tamworth-basedDrayton Manor Theme Park said there had been an incident on its Splash Canyon ride.

French election twist to May Day in Paris
Mr Macron, an independent and leader of the recently created En Marche! movement, has sought to portray Ms Le Pen as an extremist. He denounced Macron as a "masked socialist" backed by the highly unpopular socialist president Francois Hollande.

Eriksen insists Tottenham can still win Premier League
The four-point gap separating them from leaders Chelsea means that remains unlikely in 2016/17, but this Tottenham team refuse to go away.

Exit polls in South Korea forecast win for liberal Moon
He has been critical of the two previous conservative administrations for failing to stop North Korea's weapons development. Moon is seen as willing to cooperate with North Korea, having been involved in the last inter-Korean summit in 2007.

UK's Labour leader says he won't try to reverse Brexit
Corbyn kicked off Labour's general election campaign in Manchester by reassuring the audience that the issue of Brexit has been "settled".

Mexico, Police Chief Slam Texas Sanctuary Ban
Republicans want local police to help federal immigration agents crack down on criminal suspects in the USA illegally. Opponents argue that the bill will make the state of Texas more unsafe and unwelcoming for undocumented immigrants.

Turkey's Erdogan accuses Israel of massacring Palestinians
The ministry's spokesman Emmanuel Nashon said "Israel consistently protects total freedom of worship for Jews, Muslims and Christians".

As Afghan stalemate grinds on, Trump mulls additional troops
This is the second ISIS-K emir we have killed in nine months, along with dozens of their leaders and hundreds of their fighters. Islamic State has not yet commented on whether its chief for Afghanistan-Pakistan operations has been eliminated.

Australia Plans Major Spending plus Surplus in 3 Years
The Greens attacked the planned drug testing trial for some new welfare recipients was "a violation" and a "very risky precedent". A 2 percent so-called Temporary Budget Repair Levy paid on incomes exceeding AU$180,000 ($133,000) over three years ends in July.

The average rent across the country is at an all-time high
In Dublin, there were just 1,074 properties available to rent in Dublin on May 1, the lowest figure recorded in the Daft series. In Cork, rents rose by 10.4% in the year to March, the tenth quarter of double-digit growth in rents.

Valparaiso Receives Invitation To Join The Missouri Valley Conference
Valpo, which now is a member of the Horizon League, is expected to accept the invitation and officially join the MVC on July 1. Tickets for the 2017 MVC Softball Championship are on sale now through the Illinois State Athletics Ticket Office.

Today Analysts Focus on Chesapeake Energy Corporation (CHK), Callon Petroleum Company (CPE)
The oil and gas exploration company reported $0.23 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.04. Lower crude oil prices curbed exploration and production activity a year ago and the state's economy faltered as a result.