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Forex Today: Euro Rises as RN Majority in Doubt

Initial results from the French Parliamentary election shows the far-right RN party on 33.5% of the vote, an underperformance on opinion polls and probably short of what will be required to win a majority, putting a bid into the Euro.

  1. Initial results from the Parliamentary election in France have shown the far-right RN party in the lead on 33.5% of the vote. Opinion polls had put the likely tally higher, and the major left-ring party has performed a bit better than expected, with the President’s centrist alliance coming third. The RN’s performance is starting to look like it won’t be quite enough to win a majority, and that is boosting the Euro today. The major left-wing party will be standing down candidates in constituencies where it did not come first or second to allow for tactical voting to keep the RN out of absolute power. However, there is no doubt that the RN coming first with over one third of the vote is a sea change in French and possibly Europe-wide politics.
  2. The Japanese Yen is continuing to weaken, with the USD/JPY currency pair trading above ¥161 with the multi-decade high price in sight less than 25 pips away. Trend traders will be interested in being long of this pair, and/or in certain Yen crosses.
  3. In the Forex market, the Euro is the strongest major currency since the Tokyo open, while the Japanese Yen and the Swiss Franc are the weakest, putting the EUR/JPY cross in focus today. It is worth noting that the US Dollar remains within a valid long-term bullish trend.
  4. Stock markets are mixed on the day but long-term bullish.
  5. Markets are awaiting releases of German Preliminary CPI and US ISM Manufacturing data today, with German inflation expected to show a month-on-month increase of 0.2%.

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