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Euro jump after French vote

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The euro jumped to a five-month high after the first round of voting in the French presidential election.

Centrist Emmanuel Macron topped the voting, going through to the final round with far-right Marine Le Pen.

Investors had worried that far-left Jean-Luc Mélenchon would beat Mr Macron, giving voters a choice between two Eurosceptic candidates.

At one point, the euro hit its highest level since mid-November, and France’s

 

Octavio Marenzi, chief executive of the financial research consultancy Opimas in Paris, said: “Macron will be reassuring to markets, with his pledge to lower corporate taxes and to lighten the administrative burden on firms. He basically represents continuity.”

Other analysts said markets had welcomed Mr Macron’s first-round win and his large lead in opinion polls over Ms Le Pen, who has opposed the euro and France’s EU membership.

“Clearly investors are happy with the result as a ‘Frexit’ seems to be off the table,” said Neil Wilson, an analyst at ETX Capital in London.

“But watch for the risks to return – if Le Pen starts polling in the 40%+ bracket we will see nerves creep back in and some of these big lurches higher could be dialled back as profits are taken and investor reprice risk.”

European bank shares rose to their highest level since December 2015 on the improved prospects for the euro.

 

Source: BBC

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