The French left-wing alliance is projected to win 172 to 192 seats. This is well short of a majority but is ahead of Marine Le Pen’s far-right National Rally, looking at coming third with 132 to 152 seats.
President Macron’s centrist party, Ensemble, will win 150 to 170 seats.
None of these three has a majority. It appears to be unlikely that Le Pen’s National Rally will form a governing coalition. We’ll have to see if the centre and left can cobble together a majority, if not there will be ongoing instability ahead.
As for the euro, EUR/USD is back to where it was before President Macron called the snap election on Sunday June 7, which gave the pair a gap down in the early hours on Monday June 8. EUR/USD latest is circa 1.0806:
This article was written by Eamonn Sheridan at www.forexlive.com.
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