Euro in focus – but flat in Asia – ahead of France’s presidential election

Listen to this article

00:00
00:00

Investor attention is turning to the Europe ahead of Sunday’s first round of voting in France’s presidential election.

Nerves were building, too, in the wake of a shooting on the Champs-Élysées, central Paris, yesterday in an apparent Islamist terror attack that threatens to disrupt the final days of the nation’s presidential campaign.

The euro trimmed early declines to trade flat at $1.0718 on Friday, having gained 0.1 per cent yesterday. The single currency has advanced in four of the past five sessions and is hovering close to its highest level in a month.

The yield on the benchmark French government 10-year bond shed 2.7 basis points on Thursday to 0.921 per cent, while the equivalent-duration yield for German bonds climbed 4.1bps to 0.242 per cent.

The yen was 0.1 per cent firmer at ¥109.25 per dollar, rising in the wake of a survey that showed a solid gain in domestic manufacturing activity in April.

The British pound was down 0.1 per cent at $1.2803. This week, UK Prime Minister Theresa May’s decision to call a snap election saw sterling jump by 2.2 per cent to its strongest level since October.

The dollar index, a measure of the US currency against a basket of global peers, was fractionally higher at 99.803.

Copyright The Financial Times Limited 2017. All rights reserved. You may share using our article tools. Please don't copy articles from FT.com and redistribute by email or post to the web.