By: DailyForex.com
In early trading, the Euro had slipped from Tuesday’s 5-month peak but is presently working its way back on newfound confidence that Marine Le Pen will be soundly defeated in France’s upcoming presidential election. A win by Emmanuel Macron, a centrist and candidate considered market-friendly, has helped the Euro surge against the US Dollar and the Pound Sterling. Currently, pollsters are predicting that Macron will win the next vote by about 20% over his rival. The Euro had been volatile in the weeks up till the first round of voting as Le Pen is considered an anti-EU candidate who would hastily work towards withdrawing France.
As reported at 11:23 am (BST) in London, the EUR/USD was trading at $1.0881, up 0.16%, and well off the session peak of $1.0898; yesterday, the pair had hit $1.09, just off Sunday’s peak of $1.0940. The EUR/GBP was trading at 0.8493 Pence, down 0.057%; the pair had earlier hit a session low of 0.8489 Pence.
Canadian Loonie Hit by US Import Tariff
In Canada, the Canadian Dollar, familiarly known as the Loonie, hit a 4-month trough after the US imposed a heavy tariff on softwood lumber imports. Yesterday, Wilbur Ross, the US Secretary of Commerce, said new anti-subsidy duties of about 20% would be imposed. The USD/CAD rose to C$1.3558, a gain of 0.3657%; the pair had hit a peak of C1.3563.