Euro boosted as concerns over presidential fears ease
Polls indicate centralist candidate Emmanuel Macron has a commanding lead over Marine Le Pen
by Abi Moses on 4th March, 2017
The Euro has been given a huge end-of-week boost by news the French presidential candidate Emmanuel Macron appears to be in a commanding position ahead of the first round of votes.
National Front candidate, Marine Le Pen, had been expected to win the opening round of votes, a move which has seen the Euro slump in recent weeks.
If elected, Le Pen has stated her intention to immediately remove France from the eurozone and reinstate a sovereign currency. The far-right candidate will also consider the possibility of France following in the UK's footsteps and leaving the European Union.
Christian Lenk, a DZ Bank analyst, said "We saw a peak of panic in February when the focus was on Le Pen. It's always been clear that the odds of Le Pen becoming the next President were quite low and now we see confirmation of that in the polls."
Lenk was referring to the recent poll, that put Macron on 27% for the first round of votes on April 23rd. Le Pen was second in the poll on 25.5%, with Francois in third at 19%.
Meanwhile, Scotiabank analyst, Shaun Osborne believes it is too soon to back a Euro revival. Osborne said his bank's stance is "to maintain a bearish EUR outlook in the second quarter. Relative central bank policy is dominant and interest rate differentials are set to remain a drag on EUR is an environment of policy divergence. Looming political risk events present an added headwind for EUR, given their potential to exacerbate existing scarcity issues as investors compete with the ECB in a scramble for German bunds."
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