Euro Soars as Macron Gains Dominance in the French Elections
By Daisy Joseph
Euro has been showing positive signs in the forex market as dollar has steadied in the last few days. The French presidential elections have a stronger impact on the value of Euro. On Thursday, Euro climbed up to reach its three week high against the dollar as the centrist choice Emmanuel Macron showed his dominance in the election.
EUR/USD was trading at 1.0741, 0.3% higher than the previous session. The jump in Euro’s value is a direct result of the poll results by Harris Interactive. It showed that 25% of the voters preferred Macron while 22% favored Marine Le Pen, the far-right candidate. The first round of voting will commence on Sunday and it makes this poll much relevant. Francois Fillon, the Republican candidate and Jean Luc Melenchon each gained support from 19% of the voters. The poll also indicated that Macron would get 66% of votes in the second round while Le Pen would get just 34%.
Investors on the other hand are worried about the European stocks because both Le Pen and Melenchon want to bring a vote on France’s membership with the European Union. When the voting favors France to pull out of EU, it could affect the value of the stocks drastically, considering that UK is already exiting EU.
Euro gained against yen as well when the EUR/JPY pair was trading at 117.07. Pound also dominated the market as May has a stronger hold in the elections.
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