- With over 95% of votes counted Macron has won the first round of French elections, with a 23.85% vs 21.58% win over Le Pen. Polls expect an easy win for Macron in the second and final round of voting on May 7.
- EUR/USD gapped open 200 pips this morning reaching 1.0935. The pair currently sitting around the 1.087 support. Support 2 at 1.080. General risk on across markets with a Macron win likely in the second round and Donald Trump’s tax plan delivery on Wednesday.
- Gaps on this morning’s open across all the major currencies. Equity indices also gapping higher, with the S&P500 opening 22 points higher, ASX200 edging near to the 6,000-level reaching a high of 5,912.
- The Pound has been in a 100 pip range since the snap election call. The pair has consolidated between 1.2756 – 1.2859. A break of 1.290 likely to lead the market higher to the 1.3 handle.
- AUD/USD closed most of this morning’s gap up, reasons to be short the Aussie still in place. Traders eyeing Wednesdays inflation figures at 11:30, a figure the RBA is keenly anticipating.
- After some small buying on Friday night likely due to hedging pre-weekend, Gold gapped lower, currently trading 1,272 eyeing the 1,250 – 1,260 levels. Should Trump’s tax plans excite markets, and geopolitical tensions remain subdued these levels likely to be reached this week.
Today’s Economic calendar (AEST)
- 6:00pm German Ifo Business Climate
