EUR/USD Latest: Polling Data Places Marine Le Pen’s Party in Top Spot

EUR/USD: SOFTER DOLLAR MAY LIMIT DOWNSIDE RISKS FOR NOW
EUR/USD appears to have stabilised above the 1.0700 mark for the time being. Markets have a tendency to get nervous when political uncertainty presents itself, but polls have all been pointing to the same result for some time now – a fractured parliament with Marine Le Pen’s party likely to receive the majority of the vote but falling short of attaining a majority in parliament.

Despite the recent consolidation, EUR/USD trades below the 200 SMA with the lower bound of the pair’s broad range coming in at 1.0643 and the April swing low at 1.0600 flat. US GDP data and PCE on Friday are notable events on the calendar, with PCE carrying considerable more weight as it could validate the encouraging CPI data seen recently in the US (potentially bearish for the dollar).

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EUR/USD Daily Chart