French election result – looks like a hung parliament

July 7, 2024
-FCHFX

July 07, 2024 at 09:30PM
The French left-wing alliance is projected to win 172 to 192 seats. This is well short of a majority but is ahead of Marine Le Pen’s far-right National Rally, looking at coming third with 132 to 152 seats.

President Macron’s centrist party, Ensemble, will win 150 to 170 seats.

None of these three has a majority. It appears to be unlikely that Le Pen’s National Rally will form a governing coalition. We’ll have to see if the centre and left can cobble together a majority, if not there will be ongoing instability ahead.

As for the euro, EUR/USD is back to where it was before President Macron called the snap election on Sunday June 7, which gave the pair a gap down in the early hours on Monday June 8. EUR/USD latest is circa 1.0806:

This article was written by Eamonn Sheridan at www.forexlive.com.

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