Monday 19 March 2018

Euro surges on French election result

(Stock photo)
(Stock photo)
Ellie Donnelly

Ellie Donnelly

The euro has briefly risen to a five month high as centrist Emmanuel Macron won the first round of the French presidential election.

The euro rose to $1.0866 against the dollar when markets opened in Asia, while it traded at £0.85 against the pound.

Exports trading in the markets is expected to be up strongly today.

While the news is good for the continued future of the eurozone, the increase in strength of the euro against sterling in particular is bad for Irish exporters already dealing with a weakened pound as a result of the Brexit vote last June.

Read More:Explainer: Six things we learned from the first round of France's presidential election

The pro-Europe candidate Macron is widely expected to win the second round run-off against Marine Le Pen which takes place on May 7.

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