Investing.com - The Euro traded higher against the U.S. dollar during Monday’s Asian session on news of German Chancellor Angela Merkel’s convincing win in Germany’s national elections held Sunday.
In Asian trading Monday, EUR/USD rose 0.06% to 1.3531. The pair is likely to find support at 1.3475 and resistance at 1.3567, Thursday’s high.
Merkel’s Christian Democratic party took nearly 42% of the vote in Sunday’s national elections. Peer Steinbruek’s Social Democrats had 25.5% of the vote, according to projections unveiled on Sunday.
Forecasts had Merkel’s group with a one-seat majority in the lower house for only the second time since World War II after Konrad Adenauer in 1957, according to Bloomberg.
Merkel’s win is seen as a boon for financially challenged Eurozone members such as Greece because Merkel, much to the displeasure of many German citizens, has been supportive of helping PIIGS nations obtain bailout funds.
Although Merkel’s policies of helping the likes of Greece and Italy irked ordinary Germans, the election outcome indicates regular Germans opted more to focus on the country's low unemployment rate and Merkels’ likability, among other factors, in sending her to what amounted to most convincing win in a German national election in over two decades.
Next month, the European Central Bank, European Union and International Monetary Fund review Greece’s progress on reform measures and the IMF has recently said Greece could need another bailout sometime next year if critical funding gaps are not closed.
Later Monday, the euro zone is to release preliminary data on manufacturing and service sector activity. Germany and France are to produce individual reports.European Central Bank President Mario Draghi is to testify about the economy before the Committee on Economic and Monetary Affairs, in Brussels.
Elsewhere, EUR/JPY fell 0.20% to 134.11 while EUR/GBP lost 0.11% to 0.8440.
In Asian trading Monday, EUR/USD rose 0.06% to 1.3531. The pair is likely to find support at 1.3475 and resistance at 1.3567, Thursday’s high.
Merkel’s Christian Democratic party took nearly 42% of the vote in Sunday’s national elections. Peer Steinbruek’s Social Democrats had 25.5% of the vote, according to projections unveiled on Sunday.
Forecasts had Merkel’s group with a one-seat majority in the lower house for only the second time since World War II after Konrad Adenauer in 1957, according to Bloomberg.
Merkel’s win is seen as a boon for financially challenged Eurozone members such as Greece because Merkel, much to the displeasure of many German citizens, has been supportive of helping PIIGS nations obtain bailout funds.
Although Merkel’s policies of helping the likes of Greece and Italy irked ordinary Germans, the election outcome indicates regular Germans opted more to focus on the country's low unemployment rate and Merkels’ likability, among other factors, in sending her to what amounted to most convincing win in a German national election in over two decades.
Next month, the European Central Bank, European Union and International Monetary Fund review Greece’s progress on reform measures and the IMF has recently said Greece could need another bailout sometime next year if critical funding gaps are not closed.
Later Monday, the euro zone is to release preliminary data on manufacturing and service sector activity. Germany and France are to produce individual reports.European Central Bank President Mario Draghi is to testify about the economy before the Committee on Economic and Monetary Affairs, in Brussels.
Elsewhere, EUR/JPY fell 0.20% to 134.11 while EUR/GBP lost 0.11% to 0.8440.