Euro generally maintains positions on European Parliament elections

Posted 27 May, 2019

On Monday, the European currency shows generally stable positions bolstered by the reports that the pro-EU parties got 2/3 of the seats during the European Parliament elections.

According to the market data, the euro-to-US dollar exchange rate stands at $1.1198 during the Asian session.

At the same time, the greenback got stronger vs the Japanese yen. The rate reached 109.50. Notably, there are believes that Donald Trump is putting pressure on Japan striving to reduce its trade surplus with the USA. Donald Trump stated on Sunday that the bulk of talks with Tokyo would be rescheduled till the election to Japan's House of Councillors this July.

The US Dollar index moved up to 97.562 today.

Late last week, the US dollar rate dropped under pressure from weak US economic reports, which only fueled fears that escalation of trade and technology war between the USA and China affects the global economic growth.

The pound sterling in its turn managed to rebound slightly against the American currency. The rate rose to $1.2727, though later it slackened to some $1.2702. The increase happened just after it was announced the date of Theresa May's resignation. The key challenge for the next PM of the country will be the Brexit issue. Specifically, four of eight candidates have already claimed that the UK needs to leave the UK on October 31 even without an agreement.

It should be mentioned that today's trading is expected to be small since the US and UK markets closed for the holiday.

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