Euro advances on French election results

By the end of the first day of the new trading week, the euro was up because of the French election results, which revealed that the economy was moving away from the extreme right’s grip.

The far right, which had won the first round, was content with third place, while the leftist coalition defeated President Emmanuel Macron’s “Together” movement. The poll did not yield an outright majority for any bloc in the National Assembly, although the Left Alliance declared itself prepared to govern.

Three weeks before the National Assembly opens, political observers see France as heading toward political uncharted territory. The National Rally, which is Marine Le Pen’s party, pushes its way into the new assembly, but it stays far from power and records a dismal result for its ambitions compared to what it recorded during the first session. The Olympic Games in Paris.

From the previous daily close of 1.0837, the EUR/USD pair surged to 1.0825. On the first trading day of the new week, the pair’s lowest level was 1.0803, while its highest level was 1.0845.