Euro Gains Against Dollar on German Vote Result
The euro led gains across major currencies against the dollar after Germany’s conservative opposition leader won Sunday’s federal election and vowed to move swiftly to form a government.
EUR/USD gained 0.6% to 1.0521, touching the highest since Jan. 27 versus the greenback, with traders citing sizable demand following the election in Europe’s largest economy.
FX pair has cleared option strikes layered 1.0470/00, worth collective EUR4.5b.
The Bloomberg Dollar Spot Index fell 0.3%.
“The euro traded slightly higher in Asian open and the dollar was weaker, as the latest projections from Germany’s election results showed Friedrich Merz’s CDU/CSU winning 29% of the votes,” according to MUFG FX strategist Michael Wan.
USD/JPY gained 0.1% to 149.42.
GBP/USD rose 0.4% at 1.2680.
AUD/USD climbed 0.3% to 0.6374.
Source : Bloomberg