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EUR/USD Daily Forecast – 13 June

Monday, Jun 12 2017
EUR/USD Daily Forecast – 13 June

With no major data releases from Eurozone yesterday, focus was on news that Macron's Party won French elections. President Emmanuel Macron's fledgling party is set to trounce France's traditional main parties in a parliamentary election and secure a huge majority to push through his pro-business reforms, projections after the first round showed on Sunday. With 90 percent of voters accounted for, Macron's Republic on the Move (LREM) and Modem allies had won 31.9 percent support, Interior Ministry results showed. The conservative party The Republicans and allied center-right Union of Democrats and Independents held 18.9 percent, the National Front 13.8 percent and the Socialists 7.45 percent.

Pollsters project Macron's alliance could win as many as three-quarters of the seats in the lower house after next week's second round of voting. "France is back," Prime Minister Edouard Philippe said on French TV. "Next Sunday, the National Assembly will embody the new face of our republic." Voter turnout was a record low for parliamentary elections in the post-war Fifth Republic at 48.6 percent, taking the shine off Macron's margin of victory in the first round.

 

Tomorrow, we would be focused on ZEW Economic Sentiment figures. Analysts anticipate slightly increases both in German and Eurozone sentiment. In the US session PPI data will be published. No change is anticipated.

 

Figures to watch:

 

German ZEW Economic Sentiment/ZEW Economic Sentiment (Tuesday 11:00)

PPI (Tuesday 14:30)

More in this category: « GBP/USD Daily Forecast – 13 June AUD/USD Daily Forecast – 14 June »

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