The Euro Charges Ahead as Macron Trounces Rivals in TV Debate
The Euro exchange rate complex was seen higher against the US Dollar and Pound Sterling after the market’s favourite Emmanuel Macron was seen coming out on top in a televised debate of France’s Presidential candidates.
In the first French Presidential debate, Macron was generally seen as the most convincing performer.
In a snap post-debate poll, 29% said Macron was most convincing, nine points ahead of second-placed Melenchon.
“The probability of Macron ultimately winning the Presidency, as implied by Betfair prices, rose to a new high of 62%, 1% point up from before the debates,” says Adam Cole, an analyst with RBC Capital Markets in London.
Importantly, the same probability for Le Pen is at 22% and close to recent lows.
“EURUSD is rising again, approaching a six-week high after a poll showed French presidential candidate Macron was the most convincing of the five candidates in a national televised debate,” says Johnny Bo Jakobsen at Nordea Markets.
The Euro is seen a third of a percent higher against Pound Sterling with 1 EUR now buying £0.8719,
Against the Dollar the exchange rate is half a percent higher and 1 EUR = $1.0796.
"The euro continues to consolidate on its breakout above $1.0710. The last three sessions have been a real mish mash but yesterday’s doji candle reflects a lack of certainty over the session, but as long as the market remains supported above the $1.0710 breakout, the bulls will remain in control," says Richard Perry at Hantec Markets.
