Euro plummets to 6 week lows as Le Pen`s presidential bid looms

by Dramelin 6:30 AM 0 comments

The euro plummeted to six week lows against the dollar on Wednesday amidst rising concerns among investors surrounding the French general election.
Analysts from Societe Generale projected the single currency weakness would remain especially if Marine Le Pen, the leader of the anti-immigration and populist National Front, continued to lead in the polls.
Le Pen, has promised throughout her campaign to renegotiate the terms of France`s membership of the European Union if elected president, though her chances of success ultimately appear restricted.
"Political risk is beginning to the euro in earnest, reflected by the euro`s trade-weighted value reaching the lowest levels since the U.
S.
presidential election," a team of analysts at Societe Generale said in a note.
The National Front leader`s most likely presidential rivals are the centrist candidate Emmanuel Macron or former Prime Minister Francois Fillon with both currently expected to defeat Le Pen in May`s final round of voting.