EUR/USD Retreats from 5-Month High After French Election

The euro retreated from the opening levels today, but that was after opening sharply higher following the French Presidential election over the weekend. In fact, EUR/USD opened at the highest level since November.

With almost all votes counted by now, centrist candidate Emmanuel Macron and far-right Marine Le Pen will go to the second round of elections. According to the opinion polls, Macron should have a healthy lead over Le Pen during the next voting on May 7. That is a scenario favored by markets, therefore European assets, including the shared currency, surged after the outcome of the weekend voting had become clear.

EUR/USD slid from 1.0916 to 1.0848 as of 12:21 GMT today after opening at the highest level since November 11. EUR/GBP slipped from 0.8498 to 0.8481.

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