The euro was under pressure yesterday on fresh conflicts over migration between Merkel and Seehofer but rebounded to recover some of the previously lost ground after their parties managed to find common ground. Overnight, another RBA meeting ended with no fireworks and no reaction from the Aussie.
EUR Recovers as German Government Agrees on Migration
The euro traded mixed against the other G10 currencies on Monday. It gained against NZD, AUD and GBP in that order, while it underperformed against SEK, NOK, USD and JPY. It traded virtually unchanged against CAD and CHF.
The common currency opened lower on Monday against most of its counterparts and continued drifting south during most of the day following weekend developments in the German political scene. Horst Seehofer, the interior minister and Leader of the CSU party, one of Merkel’s coalition partners, rejected the...
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