Asian equities traded higher with Kospi by 0.5% and Nikkei by 1.5% amid the first round of French election

Asian shares

Shares all over Asia were on the positive territory on Monday’s trade after the highly anticipated results of the first round of French presidential election. Polls suggested that Marine Le Pen and Emmanuel Macron will move forward to May 7’s run-off.

Japanese benchmark Nikkei 225 was higher by 1.49 percent behind the presidential election in France. Australian benchmark ASX 200 rose more than 0.13 percent. Across the Korean Strait, Kospi added 0.15 percent.

The European currency previously traded at a five-month high close to $1.0935 versus the dollar. The euro also surpassed the Japanese yen by trading higher at yen’s 119.62. The euro/dollar pair was at $1.0866.

Think Markets chief market analysts Naeem Aslam says the currency pair has opened and is likely to break the $1.10 level or even $1.11; however this trade may deteriorate in the presence of Le Pen.

Emmanuel Macron, centrist presidential candidate, secured more than 23.7 percent of the votes in Sunday’s poll. Meanwhile far-right candidate Marine Le Pen gained 21.7 percent.

The tensions surrounding the Korean peninsula took the backseat regardless of the on-going crisis elevating over the weekend. An American citizen was reportedly arrested in Pyongyang. The prior region indicated that it is ready to submerge aircraft carriers form the United States to display military abilities.

Meanwhile in other currencies, the U.S. dollar index finished lower at 98.980, lower than the past week’s 99 handle. However, the U.S. dollar was stronger versus the yen and off from the previous two week’s 108 handle. The dollar/yen ended the day at 110.05.

FAQs

Leave a Reply

Your email address will not be published. Required fields are marked *