Market Overview Analysis by Ipek Ozkardeskaya covering: EUR/USD, GBP/USD, USD/JPY, USD/CHF. Read Ipek Ozkardeskaya's latest article on Investing.com
The week started on a positive note but the positive vibes will likely leave their place to the chatter of scenarios regarding how the French will prevent Marine Le Pen from gaining a majority in the parliament in the second round of the legislative election this weekend.
The latter would help tame the spread between the French and the German bonds – which already retreated below 80pb on Monday on hope and pricing that Le Pen won’t secure a parliamentary majority, and support euro. Theopened the week with a bang, gaining as much as 2.7% before paring losses and closing just 1% up. The European futures are in the negative this morning.
The aggregate inflation figure for early June is due today, both headline and core inflation are expected to have eased slightly in June. If that’s the case, we could see the ECB doves breathe a sigh of relief, if not, the euro could see a minor support but in both cases, the euro will remain under the pressure of French political uncertainties throughout the week, and any rally attempts could limited into the second election weekend in France.
The price pullbacks in the FTSE 100 are likely interesting opportunities to strengthen long positions in energy-heavy British stocks that should fully benefit from reflation trades once the election is behind. Zooming out, the FTSE 100 didn’t do bad at all over the past few quarters.
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