A sigh relief for Asian Share

Asian shares rose Monday after Emmanuel Macron, a centrist would-be reformer and supporter of the European Union, won the French presidential election.

The euro, shared by France and 18 other countries, was trading at $1.0966. It had edged up 0.1 percent to $1.1013 in late Sunday trading in Europe. The dollar was trading at 112.81 yen, up slightly from 112.59 yen late Friday in Asia.

While Macron’s win had been widely anticipated, the election had cast a long shadow over the continent as the defeated candidate, the far-right Marine Le Pen, had wanted France to exit the 28-nation EU, with potentially catastrophic consequences for the region and its euro currency.

Analysts said the strong jobs data in the U.S., released at the end of the last week, were adding to the cheery sentiments in Asia. Attention was turning to other regional economic indicators, including trade data on China, they said.

“A sense of normalcy has returned to the Forex desks this morning as the final round of the French elections had the expected outcome,” said Stephen Innes, senior trader at OANDA.

Miami Herald

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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