mask Euro Explodes Higher on French Election

25/ 04/ 2017

Euro Explodes Higher on French Election

Daily Update - 25th Apr 2017

Yesterday’s Market

  • EUR Results of the French Election
  • EUR IFO German business climate
  • USD FOMC Member Kashkari Speech

Yesterday’s explained

Centrist Emmanuel Macron topped the voting, going through to the final round with far-right Marine Le Pen in the French election. Of all the probable scenarios, this was the best outcome for the euro, which explains why EUR/AED gapped above 4.00 when the markets opened for trading on Monday morning.

German business confidence improved in April, according to data released on yesterday. The Munich-based Ifo institute said its business climate index rose to 112.9 this month from 112.4 in March which provided support to Euro. Despite dovish comments from FOMC member Kashkari, Dollar moved higher against all of the major currencies with the exception of Euro.

Today’s Market

  • GBP Public Sector Net Borrowing
  • USD Consumer Confidence, New Home Sales, Housing Price Index & S&P/Case-Shiller Home Price Indices

Today’s Focus

Today Australian & New Zealand markets will be closed for the Anzac Day. UK will release its Public-Sector Net Borrowing report that captures an amount of new debt held by the U.K. governments. We will see mid-tier data coming out from USA with main focus on New Home sales and consumer confidence.