The election in France – what does it mean for the euro? Nobody seems to have seen the election results as an incentive to trade EUR/USD at higher levels as Emmanuel Macron won the run-off against Marine Le Pen with only 58.5% of voters endorsing him for a second term (compared to 66% in 2017), economists at Commerzbank report.

Every five years at the latest there is considerable event risk for the eurozone and its single currency

“The fact that more than 40% of the population gave their vote to an anti-European in France means that every five years at the latest there is considerable event risk for the eurozone and its single currency.”

“I do not expect that we might see another Macron euro (EUR appreciation). More than 40% voting in favour of an anti-European candidate was simply too frightening for that to happen.”