Asian shares closed mostly higher on Monday following the landslide victory of Emmanuel Macron in the French polls on Sunday, with the Nikkei share average hitting its highest level since December 2015.
The rupee was trading strong at 64.29 in the evening session on sustained selling of the American currency by exporters and banks.
The apex bank during the weekend hinted that it would sustain its foreign exchange intervention into various segments of the market, thereby heightening expectations that the naira will appreciate in the coming days.
A sense of normalcy has returned to the Forex desks this morning as the final round of the French elections had the expected results. While this morning’s currency movements have been rather subdued, most of the early fanfare was about pre-positioning on risk trades if anything else, as EURJPY traded 124.55 USDJPY 113.10. And while US equity futures opened a touch higher, the overhang from last week’s oil price action is still too fresh in investors’ minds to press higher into uncharted territory this morning.
Next trading day's important events
- 12:30 (GMT 3) Australia - budget release
- USDJPY: 112.73
- EURUSD: 1.0940
- S&P 500: 2397.34
- NASDAQ: 6098.80