EUR Rallies on Macron Presidential Victory
EUR rallied to $1.1023 from $1.0998 in early Asia-Pacific Forex trading Monday after pro-European centrist Emmanuel Macron, 39 anni, won the French Presidency, scoring a victory over far-right rival Marine Le Pen.
The single currency reached its highest mark since November on Mr. Macron’s win, but the gains were modest compared to the reaction following his 1st round victory last month with markets largely pricing in Le Pen’s defeat.
The former investment banker’s victory eliminates any risk of France leaving the single currency bloc.
Initial estimates showed Mr. Macron winning between about 66.1% of the ballots and Ms. Le Pen scoring between 33.9%.
Unknown 3 years ago, Macron is now poised to become one of Europe’s most powerful leaders, bringing with him a hugely ambitious agenda of political and economic reform for France and the European Union.
Many analysts are skeptical about Mr. Macron’s ability to win a parliamentary majority, meaning he will likely have to form a coalition of lawmakers committed to his agenda.
His economic agenda will face fierce resistance from trade unions and his leftist opponents.
He inherits a country which is under a State of Emergency following a string of Islamist-inspired attacks since Y 2015 that have killed more than 230 people.
Marine Le Pen, 48 anni, had portrayed the ballot as a contest between Mr. Macron and the “Globalists” in favor of open trade, immigration and shared sovereignty, and her “patriotic” vision of strong borders and national identities.
Mr. Macron’s win gives him clearer mandate and greater backing to steer the country towards helping support and expand the EU and the Eurozone.
Have a terrific week.
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