The French presidential election is the No. 1 political event of the year and could have a profound impact on the European Union and the euro. Forex brokers are bracing themselves for big movements.

The “nightmare scenario” of Le Pen vs. Melenchon could have the strongest effect, but there are three additional scenarios in our preview.

Some forex brokers have made changes to leverage ahead of the big vote. A Sunday gap in EUR/USD is all but guaranteed. Only the direction is unclear.

Here are updates from 8 brokers.

  • Admiral Markets: The changes in margin requirements at Admiral Markets are going to take effect on Friday, the 21st of April 2017 at 22:00 GMT and will last until 10:00 GMT on the 24th of April and then around the second round from May 5th to 8th as reported by Finance Magnates.
  • Alpari: May make changes. Margin requirements and changes to limit and stop levels and spreads are on the cards.Some instruments may be switched to “close-only” mode.
  • Dukascopy: Weekend mode on Monday. Leverage will be squeezed down from 100:1 to 30:1 and from 200:1 to 60:1.
  • Exness: From Friday, April 21, 2 hours before the market closes, until Sunday, April 23, two hours after the market opens, the margin requirements for new positions opened will be calculated based on a maximum leverage of 1:100, in order to safeguard our clients from the market turmoil resulting from the elections, as reported on LeapRate.
  • FxPro: All margins on European indices, spot and futures will be changed to 4% (came into effect 09.00 GMT on Friday), via ForexLive
  • IG: Margins changed. EUR vs AUD/CAD/JPY/USD now 1%. CAC 2%, DAX/Euro Stoxx/FTSE 1%, Sunday FTSE and DAX markets 1%, Vstoxx 28%, OATs 1.3%, BTP’s 1%
  • OctaFX: Margin requirements will be increased on a few instruments. Leverage on currencies will be limited to 200:1. Further steps depend on volatility.
  • Saxo: Traders will prospectively face up to 4 percent margin requirements (leverage of 1:25) on all euro positions and European indices.
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