LONDON — The euro is climbing on Tuesday morning, passing above $US1.10 for the first time since the day Emmanuel Macron won victory in the French presidential election.
Following Macron’s win, the single currency dropped for four consecutive days last week as investors turned away from the market positive news of a Macron presidency, and began to focus on other issues impacting the euro area.
Since Friday last week, however, the euro has rallied, and on Tuesday morning is higher by close to 0.4% against the dollar to trade back above 1.10, a level previously seen in November 2016.
Here is the chart as of 8.15 a.m. BST (3.15 a.m. ET):
The rise comes ahead of the release of preliminary GDP growth data for the eurozone later on Tuesday morning, which is expected to show the bloc’s economy growing at 0.5% in the first quarter of 2017.
Writing last week, Jordan Rochester of Nomura suggested that the euro could climb to $US1.15 in the coming months, noting that “incoming inflationary pressures in the euro area and a less-accommodative ECB should benefit the EUR. We are therefore entering into a long EUR/USD position and will look to reassess at 1.15,“
See the latest EUR-USD movements here.
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