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Euro on the Move After French Election Result Digests

8 May 2017

Euro has weakened across the board in the early trading session across Asia and Europe, with the expectant result of the French elections now selling on the news. Whilst many see this result as a positive for the single currency, it seems the result was priced in after opinion polls late last week suggested which way the vote would go.


EurUsd has fallen near 100 pips from an overnight high of 1.1022. The US Dollar is strengthening with anticipation of a June rate increase, after string job numbers on Friday. Coupled with the French election result, this has seen the EurUsd sell off back down to the high range of early last week. Keep an eye on this level for signs it will act as support, and price can possibly bounce back over the coming days.


EurGbp is has weakened less than its US counterpart, as the British Pound is also looking weaker. However there is a lot of space below current prices, down to 0.8300. There is data later this week that should see GBP move, which way is anyone’s guess, but downside could be capped in the short term.


The Japanese Yen has weakened considerably over the last 3 weeks. The EurJpy and UsdJpy have benefited from this weakness, but now they have turned since the French election result. While it’s early to say whether this high is “the high” it will certainly be a point of interest for any further moves upward to break. Chances are it will head back in that direction to test the high at some point soon.

All in all expect a volatile week for Euro currency pairs, as the result is digested by traders and more economic data hits the screens each day, making for a mixed market.

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