The Euro and risk rally as Macron and Le Pen win the first round of the French Presidential Election
Emmanuel Macron is now odds on favourite to win the second round of the French Presidential election on 7 May, as the majority of Republican and Socialist party voters will vote for him over Marine Le Pen. It’s important to note that the traditional political parties are still likely to dominate June’s parliamentary election and thus the new President may well struggle to implement his or her agenda. The Euro has spiked in an initial response. The Market’s attention will now turn to Donald Trump’s tax and government spending plans, which have the potential to reignite the “Trump Trade” and demand for the Greenback. Locally Wednesday’s CPI is likely to be the major data highlight, with the market expecting a number around +0.6%q/q.
1. EUR/USD gaps to 1.0937, but has retraced to 1.0870 as I type
2. Macron wins 23.4% of the vote (Le Pen 22.6%) with Fillion conceding and throwing his support behind Marcon
3. The first time France’s major political parties (Republican & Socialists) will not be represented in the second round
4. The market will be a keen observer of news surrounding Trump’s proposed massive tax cuts this week
To continue reading to see analysis and charts for major currency pairs then please add your details below.
If you are already a subscriber, please click here.
Enter your subscribed email address to confirm your subscription.
If you haven't already subscribed, please click here.
(You will only have to do this once per device)