The second place finish of Marine Le Pen and the consolidation of endorsement and support of the mainstream political parties behind Emmanuel Macron offered a sigh of relief for the markets. It is expected that Macron, with his significant number of endorsements, will beat Le Pen and become the leader of France. The result is France will not go the way of Britain and leave the EU.
The euro last traded at $1.0866, off Monday’s peak of around $1.0940, its highest level since Nov. 10, after centrist Emmanuel Macron won the first round of the French presidential elections. Polls show Macron defeating anti-EU, anti-euro nationalist Marine Le Pen in a runoff vote due to take place next month. After that rally, lingering caution over the risk of a surprise win by Le Pen in the runoff vote will probably limit the euro’s gains for now, he said.