Euro rallied after French leader Emmanuel Macron beat far-right challenger Marine Le Pen

• The dollar gained on expectations the Federal Reserve will act quickly to stem inflation
• Macron's lead in the first round provided some respite for the euro
• The U.S dollar gained as much as 0.5% versus the Australian and New Zealand dollars

Forex market

The euro looked set to snap a seven-day losing streak versus the dollar today, as the single currency rallied after French leader Emmanuel Macron beat far-right challenger Marine Le Pen in the country's first round of presidential voting. 

Investor concerns about the future direction of the euro zone's second-biggest economy have weighed on the euro and added to worries over the economic costs of war in Ukraine. Meanwhile, the dollar has been pushed higher by rising U.S. yields and expectations the Federal Reserve will act quickly to stem inflation. 

Economic Calendar

Macron will face Le Pen in what promises to be a tightly fought French presidential election runoff on April 24. Nonetheless, Macron's lead in the first round provided some respite for the euro - lifting it by as much as three-quarters of a percent in Asian trading hours to $1.0955. It was last up 0.4% at $1.09150. 

Currency analysts said the contest remained on a knife edge with negative implications for the euro. The narrower than expected victory for President Macron will keep alive fears that there is an outside chance that Le Pen can become president. The first-round results and the opinion polls pointing towards a close result in the second round will remain a modest weight on the euro in the coming weeks. 

Live Market Update: Indices and Forex in the Spotlight

The dollar index - which tracks the greenback against a basket of six peers - was broadly flat on the day, just shy of the 100 mark hit last week for the first time in nearly two years. As the dollar has gained ground, the Japanese yen has been subjected to some of the strongest selling pressure, with investors seeing little reason to exit bets against the yen while the Bank of Japan holds yields near zero. There's nothing there to frighten people out of dollar/yen positions. Sterling was broadly flat versus the dollar at $1.30290.

Euro-EUR

The single currency looked set to snap a seven-day losing streak versus the dollar as the single currency rallied after French leader Emmanuel Macron beat far-right challenger Marine Le Pen in the country's first round of presidential voting. Investor concerns about the future direction of the euro zone's second-biggest economy have weighed on the euro. Overall, the EUR/USD traded with a low of 1.0835 and a high of 1.0890 before closing the day around 1.0874 in the New York session.

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Japanese Yen-JPY

The Japanese Yen fell to a seven-year low versus the dollar. It was last down three-quarters of a percent. As the dollar has gained ground, the Japanese yen has been subjected to some of the strongest selling pressure, with investors seeing little reason to exit bets against the yen while the Bank of Japan holds yields near zero. Overall, the USD/JPY traded with a low of 123.64 and a high of 124.65 before closing the day around 124.28 in the U.S session.

British Pound-GBP

The British Pound has attracted some significant bids to nearly amid optimism over a ceasefire between Russia and Ukraine. The comments from the Kremlin on Friday that Russia's special operation in Ukraine could be completed in foreseeable future given aims are being achieved and work is being carried out by the military and peace negotiators. Overall, the GBP/USD traded with a low of 1.2980 and a high of 1.3084 before closing the day at 1.3032 in the New York session.

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Canadian Dollar-CAD

The Canadian Dollar traded higher as Canada's unemployment rate fell to 5.3% in March, the lowest level on record, highlighting the tightening of the country's labor market, data showed on Friday, with the economy adding a net 72,500 jobs. The job gain was slightly below analyst predictions of 80,000, while the unemployment rate met expectations. Overall, USD/CAD traded with a low of 1.2562 and a high of 1.2616 before closing the day at 1.2577 in the New York session.

Australian Dollar-AUD

The Australian Dollar looked deflated on Friday, having been dragged from multi-month peaks as markets pumped up pricing for U.S. interest rate hikes. The Aussie fared better on the crosses, gaining 0.9% for the week on an ailing Japanese yen while the euro shed 1.4% against the Australian currency and touched a five-year low. Overall, AUD/USD traded with a low of 0.7358 and a high of 0.7416 before closing the day at 0.7410 in the New York session.

Crypto Trading Signals

Euro-Yen EUR/JPY

EUR/JPY is trading above 14, 50 and 100 days moving average. Fast stochastic is giving a bullish tone and MACD is also issuing a bullish stance. The Relative Strength Index is above 61 and lies above the neutral zone. In general, the pair has gained 0.24%.

Sterling-Yen GBP/JPY

Currently, GBP/JPY is trading above 14, 50 and 100 days moving average. Fast stochastic is issuing a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 60 reading and lies above the neutral zone. On the whole, the pair has lost 0.03%.

Aussie-Yen AUD/JPY

Currently, the cross is trading above 14, 50 and 100 days moving average. Fast stochastic is giving a bullish tone and MACD is also indicating a bullish stance. The Relative Strength Index is above 76 reading and lies above the neutral region. In general, the pair has gained 0.01%.

Euro-Sterling EUR/GBP

This cross is currently trading above 14, 50 and below 100 days moving average. Fast stochastic is indicating a bullish tone and MACD is also issuing a bullish signal. The Relative Strength Index is above 53 and lies below the neutral region. Overall, the pair has gained 0.29%.

Sterling-Swiss GBP/CHF

This cross is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish stance and MACD is also indicating a bearish tone. The Relative Strength Index is above 45 and lies below the neutral region. In general, the pair has lost 0.31%.

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