The Euro falls Allain Juppe rules himself out of the running to be the next French President
Scandal-hit Francois Fillon could lose out to Marine Le Pen in the first round of votes
by Abi Moses on 6th March, 2017
The Euro fell on Monday after the former French Prime Minister, Juppe, ruled himself out of the running to be the country's next President.
Friday's polls indicated that if Juppe was to run as the central-right candidate, instead of the scandal-hit Francois Fillon then he would win the election's first round, at the expense of Marine Le Pen of the National Front.
With Fillon running, Le Pen and Emmanuel Macron are expected to get through the first round and go head-to-head in the final run-off. The prospect of the French public following in the footsteps of their US counterparts come election day is one that has left economic experts extremely concerned.
Right-wing candidate, Marine Le Pen has pledged, if elected, to remove France from the eurozone and restore a sovereign currency with immeidate effect. Additional, Le Pen will reconsider France's position in the European Union. France ditching the Euro would be disastrous for the single currency.
Frankfurt-based Esther Reichelt, currency strategist at Commerzbank, said "Everybody fears [a Le Pen victory] could have a tremendous impact on the common currency, as she's indicated that she wishes to exit from the euro."
The Euro had touched a two-week high earlier in the day, but news that Juppe had ruled himself out of the Presidential race saw the Euro dip 0.4% to $1.0577.
Ahead of the first round of votes in the French election campaign, you can spread bet on the Euro against all other global currencies. Visit the Spread Betting homepage for details of all our brokers and offers.
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