Euro slides from six-month peak as Macron win spurs profit-taking

The dollar index tracking the greenback's value against six major currencies rose to a three-week high in line with

Mr Macron's overwhelming win on Sunday briefly pushed the euro above US$1.10 against the greenback, the highest since the United States presidential election in November. The Bank of England meets on Thursday to discuss policy and issue its quarterly inflation report.

In currency markets, the euro rose to a six-month high of $1.102 in early Asian trade but last stood at $1.095, down 0.4% on the day.

US crude output averaged 9.3 million bpd in the week ended April 28, its highest since August 2015, according to federal data.

Oil prices slipped on Monday, reversing gains made earlier in the session as evidence of rising US drilling offset news that OPEC and other producers may extend their production cuts.

Both futures contracts have dropped by more than 10 per cent in the last month despite moves by the Organization of the Petroleum Exporting Countries and other exporters, including Russian Federation, to restrict supply in the first half of 2017. 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.

But by midmorning in NY, the euro fell 0.5 percent to $1.0944 against the dollar, and 0.4 percent versus the yen to 123.45 yen. The currency traded in a range of C$1.3675 to C$1.3733. The EUR/GBP was down 0.35% to trade at 0.8444 Pence; off the session low of 0.8432 Pence while the peak was set at 0.8490 Pence. The euro also rose against the yen, up 0.4 per cent at 124.20 yen. The Australian dollar slipped to $0.7398, from $0.7413 late on Friday, pulling closer to a four-month trough of $0.7328 touched last week.

"The market is trading in a careful and deliberate way looking for the next driving force, which I expect will cause a strong move in either way". Australia's federal budget will be released on Tuesday, but the Aussie is unlikely to react much since most of the proposed measures have already been leaked to the press.

European equities dipped, with French shares, which hit 9 1/2-year highs on Friday, underperforming the wider market.

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In markets overseas, the French CAC 40 fell 0.9 percent.

A turn higher in the last few minutes of trading was enough to nudge US indexes to more record highs Monday as fear seemed to drain out of the market.

US benchmark 10-year Treasury yields hit five-week highs, with rate futures pricing in close to a 90 percent chance of an interest rate increase next month. In Germany, the DAX slipped 0.2 percent.

The yield on 30-year bonds was 2 basis points higher at 3.011 percent, while the two-year yield was up 1 basis point at 1.330 percent. With safe-haven demand dwindling, the Swiss franc closed at its lowest level in almost four weeks, violating its 200-day moving average after the North American open.

The Dow Jones industrial average was down 11.38 points, or 0.05 per cent, at 20,995.56, the S&P 500 was up 0.23 points, or 0.01 per cent, at 2,399.52 and the Nasdaq composite was up 0.21 points at 6,100.97.

Oil prices rose on Monday in volatile trading, bolstered by statements from major oil-producing countries suggesting that OPEC and non-OPEC supply cuts could be extended into 2018.

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

In the commodities market, benchmark US crude rose 21 cents to settle at $46.43 per barrel.

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