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FOREX: EUR Recovers Opening Dip as Election Results Digested

FOREX
  • The EUR gapped lower at the open as the second round of French legislative elections showed the right-wing RN falling short of a majority after a more resilient showing than expected from the centrist and left-wing parties. Political paralysis is now the assumption for France's National Assembly out to the 2027 Presidential elections, but the single currency has shrugged off those concerns into the NY crossover, helped by the gradual re-tightening of the Bund/OAT yield spread.
  • JPY has resumed its weakening trend, allowing USD/JPY to trade higher for the first session in three. Price is back above the Y161.00 level, with focus remaining on the cycle best printed last week at Y161.95 before any intervention speculation can resume.
  • Elsewhere, CHF, CAD trade firmer, but within recent ranges. JPY and NOK are the poorest performers in G10. 
  • The schedule is typically light for a Monday, with just the NY Fed's one-year inflation expectations data on the docket, as well as an appearance from BoE's Haskel - the first MPC member to speak since last week's UK General Election. 
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