Volatility: French Election has ended & FED speech awaiting later today

May 8, 2017

Emmanuel Macron has won the French Election.

Volatility: French Election has ended & FED speech awaiting later today

This article is originally referred from Yadix News

Emmanuel Macron has won the French presidential election by defeating far-right candidate Marine Le Pen with a decisive margin of 66.06% to 33.94%, and at 39, has become the country’s youngest president.

After what follows some difficult years in France from a social perspective, the President said that he had heard:

“the rage, anxiety and doubt that a lot of you have expressed”

and followed up with

“We have the strength, the energy and the will – and we will not give in to fear.”

Macron has promised to bring in fresh faces from outside politics, a complete change in the established political system and a new approach to political life.

The new President is a liberal centrist, pro-business and a strong supporter of the European Union and has pledged to reduce public-sector jobs by 120,000, public spending cuts by €60bn (£50bn; $65bn), and a lowering of the unemployment rate to below 7%.

In the markets, EUR/USD opened with a gap higher than multi-month highs, however as EUR sellers have reacted to the election results dismissing the initial optimism and causing some volatility.

Later today Fed speak may also cause some volatility in the markets and indications of the US dollar strength.

Yadix Official Website

Original Source: Yadix News

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