Fairly conclusive French election results bolsters the Euro, with Pound to Euro rates deteriorating (Joshua Privett)

Watching the rates late on Sunday night we were already getting indications as to how much Pound to Euro exchange rates may fall once European markets re-opened for the week on Monday morning.

Macron and Le Pen are now confirmed as the two candidates who will be in the Presidential run-off vote on May 7th in France, however, markets are treating the election as a foregone conclusion at this point.

Whilst the two were effectively neck and neck in the first round, with Macron gaining a 23% vote share compared to Le Pen’s circa 21%, Le Pen is still predicted to only have a 10% chance of winning the election, and even this is generous.

Macron is a Central Liberal which is far more likely to attract additional second round voters that the divisive politics of Marine Le Pen. This near certainty that the anti-EU candidate will not be formally sworn in as President is why the Euro has gaining against the Pound to begin the week.

However, the Pound has still had net gains against the Euro with the announcement of the UK’s own election in June, so this is far from the end of the story between the two currencies on the political front.

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