Jul 01, 2024

The euro EUR reached a 10-day high on Sunday following the first round of France’s snap election, which saw the far-right National Rally (RN) leading. Marine Le Pen’s RN took the lead, though with a smaller share of the vote than some polls had predicted.

Market Impact

  • Euro Performance: The euro, down 0.8% since June 9, rose 0.3% to $1.0749, the highest since June 20, as Asia-Pacific trading began, per LSEG data.

Political Uncertainty 

Uncertainty persists as the final result hinges on how parties align in the second round across 577 constituencies, leading to potential volatility.

Investor Concerns 

Investors remain cautious due to potential big spending increases promised by both the far-right and the leftwing alliance, amidst France’s high budget deficit.

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