Euro Boost As Macron Leads Election Race
The Euro trades higher as we start the new week in an apparent sigh of relief that incumbent Emmanuel Macron appears to have won the first round of voting in the French presidential election, although a close run-off with his rival Marine Le Pen is promised in two weeks.
At the time of writing President Macron had secured 27.8% of the first round vote, against Le Pen’s 23.9% giving the Euro a timely boost to open the week stronger against most major peers. French reports however have stated the election is still wide open.
In level terms, the EUR/USD opens this morning circa 1.0915 whilst Cable (GBP/USD) initially opened lower only to push back higher to trade just under the 1.3050 level. Elsewhere, GBP/EUR continues on its path lower to open in and around the 1.1940 mark.
Datawise, a busy docket for this week sees UK and US inflations data due with The ECB monetary policy meeting coming in on Thursday too. Reports suggest a rate hike is expected but markets will be paying close attention to President Lagarde’s language post meeting as for future direction expectations for the single currency.