The Euro exchange rate complex was seen higher against the US Dollar and Pound Sterling after the market’s favourite Emmanuel Macron was seen coming out on top in a televised debate of France’s Presidential candidates.
In the first French Presidential debate, Macron was generally seen as the most convincing performer.
In a snap post-debate poll, 29% said Macron was most convincing, nine points ahead of second-placed Melenchon.
“The probability of Macron ultimately winning the Presidency, as implied by Betfair prices, rose to a new high of 62%, 1% point up from before the debates,” says Adam Cole, an analyst with RBC Capital Markets in London.
Importantly, the same probability for Le Pen is at 22% and close to recent lows.
“EURUSD is rising again, approaching a six-week high after a poll showed French presidential candidate Macron was the most convincing of the five candidates in a national televised debate,” says Johnny Bo Jakobsen at Nordea Markets.
The Euro is seen a third of a percent higher against Pound Sterling with 1 EUR now buying £0.8719,
Against the Dollar the exchange rate is half a percent higher and 1 EUR = $1.0796.
"The euro continues to consolidate on its breakout above $1.0710. The last three sessions have been a real mish mash but yesterday’s doji candle reflects a lack of certainty over the session, but as long as the market remains supported above the $1.0710 breakout, the bulls will remain in control," says Richard Perry at Hantec Markets.
