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EUR/USD Retreats from 5-Month High After French Election

April 24, 2017 at 12:26 by Vladimir Vyun

Mixed euro billsThe euro retreated from the opening levels today, but that was after opening sharply higher following the French Presidential election over the weekend. In fact, EUR/USD opened at the highest level since November.

With almost all votes counted by now, centrist candidate Emmanuel Macron and far-right Marine Le Pen will go to the second round of elections. According to the opinion polls, Macron should have a healthy lead over Le Pen during the next voting on May 7. That is a scenario favored by markets, therefore European assets, including the shared currency, surged after the outcome of the weekend voting had become clear.

EUR/USD slid from 1.0916 to 1.0848 as of 12:21 GMT today after opening at the highest level since November 11. EUR/GBP slipped from 0.8498 to 0.8481.

If you have any questions, comments, or opinions regarding the Euro, feel free to post them using the commentary form below.

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