Gold firm on euro strength after Macron wins French elections

Cheryl Sanders
May 24, 2017

The spontaneous welcome shown toward Macron's victory suggests that the outcome in the second round of the French presidential polls appears to have been known beforehand. Now, Marine Le Pen lost with 33.9 percent of the votes, the largest result a candidate from the National Front has ever had.

His party is changing its name to La Republique En Marche (Republic on the Move) as it prepares a list of candidates.

Theresa May has said she needs as big a mandate as Emmanuel Macron in order to have a "strong" position in the Brexit negotiations.

European Council President Donald Tusk congratulated the French people "for choosing Liberty, Equality and Fraternity over tyranny of fake news".

The most common refrain in the election coverage has been that of a France "divided" between the supporters of a narrow vision of a great country's future and those who believe that France can remain in the group of leading nations through a continued adherence to cultural diversity, economic openness and European integration as embodied by the EU. The attempts were reminiscent of the hacking of Democratic Party communications during Mrs Clinton's United States election campaign.

She sees Macron as a key ally in bolstering the European Union with Berlin and Paris at the helm.

Echoing Le Pen's concession speech, Nicolas Bay, the National Front's secretary-general, said that "a new divide is emerging: the patriots face the globalists". It had edged up 0.1 percent to $1.1013 in late Sunday trading in Europe.

But an official said Wednesday that Valls had not yet fulfilled the criteria to be a candidate. Will we be able to live much longer as French people in France, while entire neighbourhoods are being transformed?

Russian President Vladimir Putin on Monday urged French Presidential election victor Emmanuel Macron to bridge deep rifts and work together in the face of the "growing threat of terrorism and violent extremism", said the Kremlin. "We look forward to working with him to build on the strong relationship between the USA and France".

"Europe dodges a bullet here", said Paul Christopher, head global market strategist for Wells Fargo Investment Institute.

Though Macron's victory is considered positive for the region's economy and the euro currency, stocks had risen strongly in the previous two weeks on expectations of his win.

"We can only hope that France seizes its chance", Parisian Michael Jeuga said on Monday.

"I can tell you that the federal government's dismissive attitude toward euro bonds remains valid", government spokesman Steffen Seibert told a regular news conference when asked if Germany would back Macron should he push for euro bonds.

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