The euro could extend its recent losses even if French President Emmanuel Macron wins the presidential election, EURUSD is about 1.1% lower in the week-to-date, but the bulk of the move doesn't reflect worries about Macron's shrinking lead in opinion polls. Rather, the main focus for the FX market is still the war, and the increasing likelihood of EU energy-related sanctions which are currently being proposed by Brussels, There are enough euro-negative factors at play to send EUR/USD to 1.08 in one month from 1.0914 currently, even with a Macron victory. A shock win by right-wing nationalist Marine Le Pen would cause an even sharper EUR/USD fall. - BMO Capital Markets
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