Aux armes, citoyens,
Formez vos bataillons,
No you havn't just stumbled into a French language class, instead the French headed to the polling booths overnight to cast their vote in one of the mostly hotly contended Presidential elections in recent memory and it looks like the left leaning pro-Europe Macron will win via a run-off vote against the far right and very 'Trumpish' Le Pen.
The markets have reacted quite favourably towards the initial results with the Euro gaining around 1.2% vs. the Aussie dollar, while the French CAC looks set to open as much as 2% higher when trading resumes this afternoon.
Not much is on the agenda today data wise other than German IFO Business Climate numbers which are expected to come in unchanged around 112. Overall the figure which is a composite index based on surveyed manufacturers, builders, wholesalers, and retailers suggest things are improving in Germany with the gauge rising fairly consistently since 2014.
DATA RELEASES TODAY:
EUR - German IFO Business Climate at 6.00pm
AUD EXCHANGE RATES:
AUD/USD – 0.7497
AUD/GBP – 0.5836
AUD/EUR – 0.6880
AUD/NZD – 1.0689
AUD/JPY – 82.590
***Above rates are indicative wholesale rates and intended as a guide only***
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Senior Corporate FX Dealer
Phone Patrick - 0431 278 632