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Because the euro rose after the first round of parliamentary elections in France and the primacy of the extreme right

The euro edged higher in Asian markets today after the first round of France’s snap parliamentary election put the far right on top, but by a narrower margin than expected, while the yen struggled to recover from a low seen here and 38 years. Le Pen’s far-right National Alarm (RN) won the first round of French parliamentary elections on Sunday, according to six polls, although analysts said the party won a smaller share of the vote than some polls had predicted. The euro, which had fallen 0.8 percent after President Emmanuel Macron called for elections on June 9, was up 0.4 percent at $1.0756 in Asian markets, after hitting a two-day high earlier in the session weeks. “They (the RN) have actually done a little worse than expected,” says Commonwealth Bank of Australia head of foreign exchange strategy Carol Kong. “As a result of this, we have seen the euro appreciate […]
Source: News Beast

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