Forex today: consolidation post first round of French election result

Ross J Burland FXStreet

Forex today was stuck in a range with prices back to an equilibrium, or at least with the French election first round risk priced back out of the picture.

The French elections gave us the outcome that markets prefer, the status quo. Macron is a clear favourite to win with the entire globalisation crew backing him now in the second round on May 7th vs Le Pen. The risk-on tone is underpinning weakness in the safer havens such as the Yen( 0.58% at 109.72), the swissy and gold. The euro is taking the top spot (just shy of the 1.09 handle) which is also supporting sterling to a degree having made highs of 1.2849. EUR/GBP remains below the 0.85 handle and the highs from the French election relief opening gap at 0.8502/08.

US yields are somewhat subdued below 2.3% psychological level, albeit higher by at 1.1% 2.27% wile the DXY traded within a range of 98.835 - 99.326 and -0.91% on the day. The feel is very much consolidation as investors await for scheduled events to take back the focus from the French elections with a number of key events taking place this week from around the world, political and economic.

The day ahead

There are no scheduled events for the day ahead in Asia.

Key events from US session

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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