Forex Today: Markets stay focused on politics as Euro rises on German election results
Here is what you need to know on Monday, February 24:
The Euro (EUR) gathers strength against its rivals to begin the week as investors assess the results of the German election. Later in the session, IFO sentiment data from Germany will be featured in the European docket and Eurostat will publish revisions to the January inflation data. In the second half of the day, the Federal Reserve Bank of Chicago will release National Activity Index data for January.
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.44% | -0.23% | 0.19% | -0.25% | -0.32% | -0.27% | -0.11% | |
| EUR | 0.44% | 0.12% | 0.46% | 0.00% | 0.11% | -0.02% | 0.15% | |
| GBP | 0.23% | -0.12% | 0.40% | -0.11% | -0.01% | -0.13% | 0.02% | |
| JPY | -0.19% | -0.46% | -0.40% | -0.44% | -0.42% | -0.38% | -0.22% | |
| CAD | 0.25% | -0.00% | 0.11% | 0.44% | -0.12% | -0.02% | 0.14% | |
| AUD | 0.32% | -0.11% | 0.00% | 0.42% | 0.12% | -0.13% | 0.04% | |
| NZD | 0.27% | 0.02% | 0.13% | 0.38% | 0.02% | 0.13% | 0.16% | |
| CHF | 0.11% | -0.15% | -0.02% | 0.22% | -0.14% | -0.04% | -0.16% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
The CDU/CSU, led by Friedrich Merz, won the German election by securing about 28.6% of total votes. The far-right AfD came second with 20.8% and Olaf Scholz's SPD dropped to third with 16.4%. Following these results, a two-party coalition between CDU/CSU and SPD seem to be the mostly likely scenario. With the outcome largely falling in line with the polls, the Euro started the new week on a bullish note. At the time of press, EUR/USD was up 0.5% on the day above 1.0500. Reflecting the broad-based EUR strength, EUR/GBP trades in positive territory slightly above 0.8300 and EUR/JPY gains more than 0.5% near 157.00.
Following Friday's recovery attempt, the US Dollar (USD) Index stays on the back foot and trades at its lowest level since early December below 106.50. US President Donald Trump will participate in a G7 leaders call on Monday and he will be holding a press conference with President Emmanuel Macron later in the day.
Gold struggles to find direction early Monday and extends its sideways grind above $2,930 for the fourth consecutive trading day.
GBP/USD benefits from the selling pressure surrounding the USD and trades above 1.2650 in the European morning on Monday.
After losing nearly 2% in the previous week, USD/JPY holds its ground to begin the new week and trades marginally higher on the day at around 149.50.
During the Asian trading hours, the data from New Zealand showed that Retail Sales rose by 0.9% on a quarterly basis in the fourth quarter. This reading came in better than the market expectation for an increase of 0.6%. NZD/USD gained traction on the upbeat data and was last seen gaining nearly 0.3% at 0.5760.
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