The big news over the weekend is that Emmanuel Macron has officially won the French Presidential elections in emphatic form beating the far-right Le Pen who failed miserably in her fear mongering, anti-globalisation, anti immigration campaign. And of course this speaks volume about the French people and their resilience and commitment to not go down a similar negative, isolationist path that has taken both the U.S and the U.K in recent times.
The Euro and Pound have both rallied on the news with the Macron victory removing a lot of the tail risks to the global economy and the Euro which would have escalated quite dramatically should we have seen a Le Pen win.
Stocks look set to open higher in Europe, the U.S and Australia today while commodities have come back on the optimism. Ahead today is Chinese trade balance figures which will be watched closely again.
DATA RELEASES TODAY:
CNY – Trade Balance figures due today
AUD EXCHANGE RATES:
AUD/USD – 0.7364
AUD/GBP – 0.5668
AUD/EUR – 0.6700
AUD/NZD – 1.0701
AUD/JPY – 83.115
***Above rates are indicative wholesale rates and intended as a guide only***
Sign up for a Compass account today and access some of the most competitive rates in the business and arguably the best service.
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632