The win by centrist Emmanuel Macron and far-right nationalist Marine Le Pen in the first round of the French presidential election on Sunday buoyed sentiment for the euro, which opened stronger in Monday Asian trading at $1.0859. This led to the widest gap higher from the previous close on record since the common currency came into circulation. The result has reduced concerns the euro zone could split up after a year of polling upsets and political turmoil driving currency volatility.
The likelihood of interest rates hike by ECB is rising due to the improving economic performance in the euro zone.
Source: Bloomberg
Junior Trader Ivan Ivanov
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