Euro Relief Rally Continues as Traders Price Out Political Risk
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The euro climbed and volatility dropped as a relief rally following the first round of the French election continued.
The euro rose 0.2 percent to $1.0891, after reaching a five-month high of $1.0937 in early Asia trading on Monday. Bids at $1.0875-80 are supporting the currency and a move above $1.0915 would prompt more interest, according to a trader who asked not to be named because the person isn’t authorized to speak publicly. One-month implied volatility in euro-dollar has fallen as traders price out political risk in the eurozone after centrist Emmanuel Macron progressed to May’s French presidential run-off.