With an abstention rate of 51.4%, Emmanuel Macron’s Republic on the Move party and its allies won majority votes in the first round of legislative elections on Sunday. Macron’s party is set to achieve the unusual with Macron’s pro-business reforms. The ruling by traditional parties for decades is now to be abolished by Macron’s recently formed party.
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Macron’s Republic on the Move (LREM) and the Modern Allies reportedly won 31.9% support compared to the conservative party The Republicans and allied center-right Union of Democrats and Independents won 18.9 percent, the National Front 13.8 percent and the Socialists 7.45 percent.
Otherwise, in an interview, Qatar’s Finance Minister Ali Shareef Al Emadi declared that there shall be no crisis whatsoever following the economic blockade imposed by the Saudi Arabia, Bahrain, the U.A.E. and Egypt on Doha. “If we’re going to lose a dollar, they will lose a dollar also,” he stated and reassured that Doha will not be the sole loser.
The EURUSD currency pair started today’s session on a mixed note at 00:00 UTC. Opening at the 1.12017 line, from there on, the pair inched up slightly higher to fall to the 1.11976 line by 01:00 UTC. As from the next hour, the pair started picking up momentum and managed to make it to the 1.1225 line by 08:00 UTC. The Pair might gain further throughout today.
The shocking UK elections’ results did not spare this currency pair last week resulting into a significant shooting star. Since then, the pair has been treading waters and started showing signs of improvement as from yesterday to, nevertheless, give in to the lows again as from 03:00 UTC today. Leaving the 1.27629 line, the pair closed at 1.27303 at 08:00 UTC and showed bullish signs the hour later too. The currency pair is expected to keep trending choppily today.
Having recorded a cup and handle pattern since last week through today, the WTI crude oil started trekking downhill as from 01:00 UTC today. The commodity is much probable to record an ascending triangle pattern through today. At 07:00 UTC, the commodity was trading at $45.87 a barrel. The WTI crude is expected to consolidate through the day until 19:00 UTC after which drastic changes can be expected in the trends of the commodity.
Things to watch on the market
The EURUSD and the GBPUSD should remain in focus for some time this week with the political scene in UK and France being so hectic at the moment.
The FTSE 100 and Wall Street indices should not be overlooked too.
Crude prices along with Gold futures could generate good trading opportunities.