The euro was up 0.52 percent against the dollar at $1.0765 after hitting a three-week high of $1.0777 earlier in the session. "We saw French yields come down a little bit," said Sireen Harajli, currency strategist at Mizuho Corporate Bank in New York. The dollar index was down 0.25 percent at 99.489 after hitting a more than three-week low of 99.374 earlier in the session. Traders were taking their cues from polls showing French centrist Emmanuel Macron easily beating far-right candidate Marine Le Pen in the second round two weeks later, analysts said. The greenback was also pressured this week by a resurgent sterling after British Prime Minister Theresa May called an early general election ahead of Brexit negotiations.
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FOREX-Dollar edges down, euro resists French election volatility
The bounce for the New Zealand dollar comes at a time of flux for monetary policy in a number of developed economies. "We would have been even more positive were it not for the uncertainties triggered by the French presidential election." Despite a surge in measures of expected volatility , the euro rose another third of a percent to $1.0748 in early European trade, its strongest in three weeks. Money market expectations for a rise in European Central Bank interest rates have largely evaporated. For Reuters Live Markets blog on European and UK stock markets see reuters://realtime/verb=Open/url=http://emea1.apps.cp.extranet.thomsonreuters.biz/cms/?pageId=livemarkets (Editing by Mark Trevelyan) Keywords: GLOBAL FOREX/ (UPDATE 2)
So you would take off your euro shorts, take off your short OAT positions and put your money under the mattress." "All four main contenders are within 4 points, well within the 6 point margin of error in previous elections. The countdown to the French vote, which polls suggest will usher far-right candidate Marine Le Pen into a two-person runoff next month, has seen market measures of implied currency volatility surge week-on-week by the largest extent since the launch of the euro. The dollar index was down 0.2 percent on Thursday, also falling sharply against sterling and the New Zealand dollar before regaining some poise. By 1030 GMT it was up 0.45 percent on the day at $1.0760.
collected by :John Miller
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