EUR/USD technical analysis: 1.0700 support in focus, with 1.0600 and 1.0450 levels on the radar amid downside risks in the run up to elections
IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 79.21%, while traders in USD/JPY are...Focus returns to Europe and France in particular in the lead up to the electionsout of the way, the focus returns to Europe and France in particular. The campaign effort is in full swing ahead of the first round of parliamentary elections on the 30th of this month where representatives across the entire political spectrum campaign for votes.
The resounding rise in popularity for Marine Le pen’s National Rally party in the European elections has spooked markets ahead of the snap election. Markets seek stability and certainty and broadly view the Eurosceptic National Rally as an unpredictable force weighing on European bond markets currently.
French-German spreads reveal a notable risk premium that has been applied to riskier nations with higher debt loads like Italy and France, while investors have piled into safer German bonds. A sell-off in periphery nations’ bonds tends to be followed by a weakerJust yesterday the ECB’s Chief Economist Philip Lane characterised the recent move in the bond market as ‘repricing’ and not being in the world of ‘disorderly market dynamics’.
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