EUR/USD: Into The First Round Of French Elections & 1 Week From Now

The first round of the French elections is held on April 23rd and the stakes are high. Here are our four scenarios for the elections. 

Here is the view from SocGen:

Societe Generale FX Strategy Research notes that the latest polls ahead of the French elections confirm the first round will be close with a 5% range encompassing support for the four main candidates.

In that regard, SocGen argues that the first round outcome would likely see EUR/USD trade at new lows for this cycle before reversing course ahead of the second round vote.

“Indeed, unless we go into round two with a significant poll lead for Mme Le Pen, EUR/USD is likely to be at current or higher levels a week from now,” SocGen adds.