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DailyFX European Market Wrap: European Markets Rally after French Elections

DailyFX European Market Wrap: European Markets Rally after French Elections

2017-04-24 15:00:00
Katie Pilbeam,
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European markets are enjoying a relief rally after Emmanuel Macron’s victory in the first round of the French presidential election. Both the bourses and euro are gaining value with investors emboldened by the hope that Macron will win the Presidency in 13 days’ time.

Considering Macron secured almost 24% of Sunday’s first-round vote and he has all of the other candidates support now, he is seen as the likely winner. But optimism aside, Le Pen is still in the running and caution would be a wise position considering the shock Brexit vote and surprise Trump victory.

The CAC has jumped to a nine-year high, ripping through its April 2015 high, and is now up 4.5% to levels last seen in 2008. While France's 10-year bond yield fell 11 basis points. The financials are gaining the most with Credit Agricole, Soc Gen and BNP Paribas all up by around 10 percent. Financials are also the top gainers in London such as Barclays and RBS.

While the euro is enjoying its best daily climb against the dollar since last June while safe havens gold and the Japanese Yen are not so enticing for investors keen on riskier assets now.

--- Written by Katie Pilbeam, DailyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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