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French election delivers no clear winner- EUR/USD dips and recovers
The results of the second round of voting in the French election delivered no clear winner, with the vote split three ways. The surprise of the weekend was surely that the Le Pen and the National Rally were demoted to third place in the vote, with the least number of seats in the new parliament. The markets had feared an outright win for Le Pen. However, this result delivers the prospect of political paralysis going forward. The left wing now have the most seats and that is not ideal either and that explains why the EUR/USD initially fell back at the start of the Asian session earlier today. The EUR/USD had closed in the US on Friday at 1.0840. The low seen earlier was set at 1.0802, but it has rebounded since then, but yet to surpass the level at which it closed on Friday. There will be more to add on this as the day unfolds. The EUR/USD is currently trading at 1.0826
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