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PIG TODAY-EUR/USD – Euro at 6-Month High as Markets Eye Macron Victory

The euro has inched lower on Friday, after gaining close to 1 percent in the Thursday session. Currently, EUR/USD is trading at 1.0970. On the release front, there was just one event out of the eurozone. Retail PMI improved to 52.7, its highest level since July 2015. In the US, the focus is on employment numbers, with the release of three key indicators – nonfarm payrolls, wage growth and the unemployment rate. Nonfarm payrolls dropped to just 98 thousand in March, but is expected to rebound to 194 thousand in the April report. The markets will be looking for some clues about monetary policy, as Fed Chair Yellen and FOMC members Fischer and Yellen will deliver speeches during the day.

With just two days remaining before the French presidential election, opinion polls continue to point to a decisive victory for centrist Emmanuel Macron over far-right candidate Marine Le Pen. The two squared off in a testy television debate on Wednesday, with Macron widely considered to have won the debate. Throughout the week, polls have shown Macron holding comfortable lead of 20 points over Le Pen, and the euro climbed to 6-month highs on Thursday, as the markets are clearly confident that the polls are on track and that Macron will win. Still, many voters don’t like either candidate and remain undecided, which means that the polls may not be as accurate as they were in the first round. If Le Pen loses but does much better than predicted, we could see the euro lose ground.

The polling average line looks at the five most recent national polls and takes the median value, ie, the value between the two figures that are higher and two figures that are lower.

Source: marketpulse.com

The euro has inched lower on Friday, after gaining close to 1 percent in the Thursday session. Currently, EUR/USD is trading at 1.0970. On the release front, there was just one event out of the eurozone. Retail PMI improved to 52.7, its highest level since July 2015. In the US, the focus is on employment numbers, with the release of three key indicators – nonfarm payrolls, wage growth and the unemployment rate. Nonfarm payrolls dropped to just 98 thousand in March, but is expected to rebound to 194 thousand in the April report. The markets will be looking for some clues about monetary policy, as Fed Chair Yellen and FOMC members Fischer and Yellen will deliver speeches during the day.

With just two days remaining before the French presidential election, opinion polls continue to point to a decisive victory for centrist Emmanuel Macron over far-right candidate Marine Le Pen. The two squared off in a testy television debate on Wednesday, with Macron widely considered to have won the debate. Throughout the week, polls have shown Macron holding comfortable lead of 20 points over Le Pen, and the euro climbed to 6-month highs on Thursday, as the markets are clearly confident that the polls are on track and that Macron will win. Still, many voters don’t like either candidate and remain undecided, which means that the polls may not be as accurate as they were in the first round. If Le Pen loses but does much better than predicted, we could see the euro lose ground.

The polling average line looks at the five most recent national polls and takes the median value, ie, the value between the two figures that are higher and two figures that are lower.

Source: marketpulse.com

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