EURGBP Exchange Rate Looks to French Elections and Data

EURGBP - Daily Chart

EURGBP – Daily Chart

The EURGBP price faces strong resistance at the 0.85060 level. If further weakness emerges, the pair has support at the 0.8246 level.

French President Emmanuel Macron is facing the prospect of a humiliating defeat at the hands of National Rally (RN), led by Marine Le Pen. A new poll said his decision to call a snap election after his party was defeated in European elections is set to backfire.

French voters go to the polls on June 30, and the pro-Macron coalition of parties, which includes the President’s Renaissance party, has 19.5 percent of the vote. The Ipsos poll for Le Monde newspaper has the RN party with 36% and the left-wing coalition New Popular Front with 29%.

The election could seriously affect French policy, as Macron would be compelled to appoint a prime minister from the largest party. Under the French constitution, the PM is charged with running domestic affairs, while the president only has influence over defence and foreign policy.

The EURGBP also has economic data to absorb tomorrow with the 14:45 pm HKT release of French inflation data. The preliminary number for June could move closer to the 2% target after 2.3% last month. German unemployment will follow at 15:55, and markets expect a smaller 15k increase over last month’s 25k. Finally, Italy also sees inflation released at 5 pm HKT.

The French elections are on a Sunday, which could add volatility to the Sunday open for the FX market. The following week will be highlighted by European inflation and the UK’s election on July 4. Britain is also expected to see a leadership change as Rishi Sunak’s Conservative poll lags the Labour Party by a wide margin.

Recent News
Start Trading Now !
Try our demo account for free to learn trading. When you’re ready, switch to a live account and start trading for real.
Popular posts
ATFX

Account Registration Unavailable

Please note that you may be accessing this page from outside Australia. For retail and professional inquiries regarding AT Global Markets (Australia) Pty Ltd, kindly reach out to us at [email protected].

ATFX

🌍 Welcome to ATFX!

To provide you with the best trading experience in Iraq, please visit our localized website:

There, you’ll find all products, services, and contact information tailored specifically for you. Thank you for choosing ATFX!

ATFX

Restrictions on Use

Products and Services on this website are not suitable for the UK residents. Such information and materials should not be regarded as or constitute a distribution, an offer, or a solicitation to buy or sell any investments. Please visit https://www.atfx.com/en/ to proceed.

ATFX

Restrictions on Use

Products and Services on this website are not available for Hong Kong investors and not related to any corporation licensed by the Securities and Futures Commission in Hong Kong.

All the information and materials posted on this website should not be regarded as or constitute a distribution, an offer, solicitation to buy or sell any investments.

使用限制:本網站的產品及服務不適用於香港投資者及與任何香港證監會持牌公司無關。

網站內部的信息和素材不應被視為分銷,要約,買入或賣出任何投資產品。

ATFX

Restrictions on Use

AT Global Markets (UK) Limited does not offer trading services to retail clients.
If you are a professional client, please visit https://www.atfxconnect.com/