Euro jumps, Gold falls as French elections run

The Euro climbed to a one-month high against the US dollar on Monday, while gold prices slumped, as investors cheered the results of the first round of presidential elections in France which saw Marine Le Pen and Emmanuel Macron emerge victorious from a five-way race on Sunday.

Meanwhile, S&P 500 futures also surged as much as 1.1 percent, while the Japanese Yen slumped.

Investors in European bonds had showed increased concern last week about the outcome of France’s presidential elections, after left candidate Jean-Luc Melenchon rose in polls before the first round of elections.

 Source: Bloomberg

 

Gold futures were down 1.34 percent as at 8am

                                                                         Source: Bloomberg

However, a relief came for French stocks after far-right nationalist- Marine Le Pen- and Centrist- Emmanuel Macron- emerged victorious from a five-way presidential race.

Macron, who is a first timer, is expected to defeat the Le Pen by a wide margin with 62 percent of the vote, according to a snap Ipsos poll for France Television, in what is set to

Macron and Le Pen are set for a runoff election on May 7.

France headed to the polls on Sunday for the first round of the presidential election with four candidates — François Fillon, Marine Le Pen, Emmanuel Macron and Jean-Luc Mélenchon — in contention.

 

LOLADE AKINMURELE