You are here: Home > articles > Forex > Euro Hits Five-months High as Macron and Le Pen Advance to Round Two of French Election
Euro Hits Five-months High as Macron and Le Pen Advance to Round Two of French Election
April 24, 2017 7:11 amVideo
Latest News
- Trading Signals for EUR/USD for April 25-27, 2024: buy above 1.0684 (21 SMA – 3/8 Murray) April 25, 2024
- Trading Signals for GOLD (XAU/USD) for April 25-27, 2024: buy above $2,324 (21 SMA – 5/8 Murray) April 25, 2024
- Analysis of GBP/USD on April 25th. The dollar suffered a local defeat to win the war April 25, 2024
- USD/JPY: Simple trading tips for novice traders on April 25th (US session) April 25, 2024
- GBP/USD: Simple trading tips for novice traders on April 25th (US session) April 25, 2024
- EUR/USD: Simple trading tips for novice traders on April 25th (US session) April 25, 2024
- GBP/USD: trading plan for the US session on April 25th (analysis of morning deals). The pound continued its recovery April 25, 2024
- EUR/USD: trading plan for the US session on April 25th (analysis of morning deals). The dollar is ready for GDP data April 25, 2024
- Euro turns to GDP and inflation data for a lifeline – Preview April 25, 2024
- Technical Analysis – BTCUSD retreats after unsuccessful test of 50-SMA April 25, 2024
- Technical Analysis – NZDUSD advances after bounce off 5-month low April 25, 2024
- Midweek Technical Look – GBPUSD, EURJPY, Gold April 25, 2024
- Amazon earnings set for AI-driven cloud and ads boost – Stock Markets April 25, 2024
- EUR/USD. April 25th. Bulls continue to advance and expect a weak US GDP report April 25, 2024
- GBP/USD. April 25th. Bulls take advantage of weak US statistics April 25, 2024
- Overview of the GBP/USD pair on April 25, 2024 April 25, 2024
- Overview of the EUR/USD pair on April 25th. The dollar may start to get cheaper at the end of the year, after the arrival April 25, 2024
- Technical Analysis – EURUSD creates bullish channel in near term April 25, 2024
- Forex forecast 04/25/2024: EUR/USD, USDX, Gold and Bitcoin from Sebastian Seliga April 25, 2024
- Market Comment – Yen tumbles to fresh lows, dollar awaits GDP April 25, 2024
Voters in France rebuked traditional mainstream parties on Sunday by endorsing independent Emmanuel Macron and the National Front’s Marine Le Pen, setting the stage for a high-stakes run-off vote in two weeks’ time.
With nearly 90% of the votes declared, Macron held roughly 24% of the popular vote. Le Pen was a close second at nearly 22%.
On Friday EURUSD closed at 1.07274. Following the election results, the pair opened on Monday at 1.09134, during the Asian session but has since retraced some of its gains. The Euro however, continues to be on a bullish run.
Republican Francois Fillon and communist-backed Jean-Luc Melenchon were Nos. 3 and 4 respectively, latest polling showed. Melenchon surged in the polls in the weeks leading up to the election, as Fillon came under fire over allegations he paid his wife hundreds of thousands of euros for a job she didn’t perform.[1]
Conceding defeat, Fillon rallied his fellow Frenchmen and women against Le Pen, the far-right leader who has vowed to close France’s borders and eject her country from both the euro and European Union (EU).
“The National Front, the party created by Jean-Marie Le Pen, has a history known for its violence, its intolerance. Its economic and social program would lead France to bankruptcy and, to that chaos, you would have to add the European chaos of exiting from the euro,” Fillon said.
“I assure you: Extremism can bring only misery and division to France. So, there is no option but to vote against the extreme right I will, therefore, vote for Emmanuel Macron,” he added.[2]
Macron and Le Pen will now square off for the presidency in a second-round run-off election scheduled for May 7. Pollsters have long held that Macron will easily win in the second round. However, analysts have cautioned against writing off Le Pen entirely.
The results of Sunday’s election were widely predicted by pollsters, and highlighted the growing division in France’s political system. The outcome marked a major shift away from traditional French politics, with neither candidate hailing from an established party.
The results were also significant in that they mirrored others, such as the United Kingdom’s decision to leave the EU and the U.S. election of Donald Trump. In both cases, populism prevailed, with voters rejecting establishment candidates and party-line politics.
Expectations of a Macron victory next month sent the euro surging in the early hours of Monday trading. Macron, who supports open markets and France staying in the currency zone, is the preferred candidate of investors.[3] In their view, Macron is seems to better for stability and the continuation of status quo policies, both of which could benefit the financial markets.
[1] Henry Samuel (March 14, 2017). “Francois Fillon placed under formal investigation over British wife ‘fake jobs’ allegations.” The Telegraph.
[2] Christian Oliver and Marion Solletty (April 23, 2017). “Defeated Fillon rallies France against Marine Le Pen.” Politico.
[3] Richard Blackden (April 23, 2017). “Euro surges on prospect of Macron thwarting Le Pen.” Financial Times.
The post Euro Hits Five-months High as Macron and Le Pen Advance to Round Two of French Election appeared first on Forex.Info.
Source: Easy Forex Forex.Info
Related Posts: