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Euro Gaps Sharply Higher as Le Pen, Macron Advance in French Vote

Euro Gaps Sharply Higher as Le Pen, Macron Advance in French Vote

2017-04-23 19:33:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • Euro soars as Macron, Le Pen advance in French election
  • Macron on pace to finish first according to exit polling data
  • Fillon, Hamon express support for Macron in second round

The Euro gapped higher at the weekly trading open as exit polls showed Emmanuel Macron and Marine Le Pen advanced to the second round of the French presidential election. The centrist Mr Macron is on pace to finish in the lead, stoking optimism about his ability to defeat Ms Le Pen in the runoff on May 7.

The markets were on edge ahead of the weekend’s first-round ballot. Polling data had the field clustered near the 20 percent support mark. That made the possibility that voters will be stuck with choosing between two eurosceptics – Le Pen on the right and Jean-Luc Melechon on the left – uncomfortably high.

Now, that threat appears to be defused. Center-right candidate Francois Fillon has conceded defeat and urged his supporters to rally behind Mr Macron for the second round, calling Ms Le Pen’s National Front a party known for “violence and intolerance”. Center-left Benoit Hamon followed suit.

What will drive the Euro through mid-year? See our forecast to find out!

Euro Gaps Sharply Higher as Le Pen, Macron Advance in French Vote

Chart created using TradingView, prepared by Ilya Spivak for DailyFX.com

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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