LONDON — The European single currency advances Monday after French voters put President Emmanuel Macron’s party on course for a sweeping parliamentary majority.
The British pound meanwhile heads back toward last week’s lows that had been triggered by a shock British election result that has thrown the country into uncertainty.
Around 1045 GMT, the euro jumps above $1.12 after Sunday’s first round of voting for the France’s National Assembly.
The pound falls back to $1.2718, having recovered from Friday’s seven-week low of $1.2636.
In France, projections showed Macron’s Republique en Marche (Republic on the Move, REM) party and its ally MoDem tipped to win between 400 and 445 seats in the 577-member National Assembly in next Sunday’s second round.
“The rejection of populism has been one the main reasons why the euro has been the best performing G10 currencies this year,” said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi UFJ in London.
— AFP
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