Markets calm in anticipation of French elections

26th April 2017 Market Update

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?? GBP – No real data of note from the UK until Friday, with preliminary growth figures for the first quarter due.

?? EUR – Enjoyed the best day of the majors in what was a continuance of the improving appetite for European assets in the aftermath of Emmanuel Macron’s triumph in the first round of the French elections.

?? USD – Remains under pressure across the board. This is linked to recent strength of the euro and EUR/USD being the most widely traded currency pair globally. Often, when one strengthens the other will weaken against its main trading partners.

President Trump is expected to outline fiscal plans today, which includes cutting corporate tax from 35% to 15%.


Key Announcements

?? CAD
1.30pm – Core Retail Sales m/m.

?? USD
3.30pm – Crude Oil Inventories.


Our View: With the euro continuing to strengthen on the back of Macron’s good showing in the first round, it seems markets are now expecting him to claim presidency in next Sunday’s final round. This leading us to believe the pound is under pressure. Friday’s preliminary growth figures for the first quarter of this year are expected to show a 0.2% fall and this could give traders the ideal opportunity to sell the pound, going into the long weekend.


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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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