EUR/USD Steady Ahead of French Elections' Second Round on Sunday -- Market Talk

Dow Jones07-05

0233 GMT - EUR/USD is trading steadily in the morning Asian session ahead of the second round of French elections to be held on Sunday. The currency pair's surge beyond the 1.0800 level this week seems built on relief that the National Rally's victory in the French elections' first round won't translate into an outright majority during the second round, says Vishnu Varathan, chief economist for Asia ex-Japan at Mizuho Bank, in an email. There's also relief that the National Rally has become less extreme and more business-friendly, Varathan says. However, relief-linked EUR gains could be difficult to extend, given "dire" industrial data out of Germany recently, Varathan adds. EUR/USD is little changed at 1.0817. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

July 04, 2024 22:33 ET (02:33 GMT)

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There's also relief that the National Rally has become less extreme and more business-friendly, Varathan says. However, relief-linked EUR gains could be difficult to extend, given \"dire\" industrial data out of Germany recently, Varathan adds. EUR/USD is little changed at 1.0817. 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The currency pair's surge beyond the 1.0800 level this week seems built on relief that the National Rally's victory in the French elections' first round won't translate into an outright majority during the second round, says Vishnu Varathan, chief economist for Asia ex-Japan at Mizuho Bank, in an email. There's also relief that the National Rally has become less extreme and more business-friendly, Varathan says. However, relief-linked EUR gains could be difficult to extend, given \"dire\" industrial data out of Germany recently, Varathan adds. EUR/USD is little changed at 1.0817. 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