{"id":25351,"date":"2022-04-08T13:47:00","date_gmt":"2022-04-08T12:47:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=25351"},"modified":"2022-04-08T17:04:15","modified_gmt":"2022-04-08T16:04:15","slug":"the-french-presidential-election-race","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/the-french-presidential-election-race\/","title":{"rendered":"The French Presidential Election Race"},"content":{"rendered":"\t\t
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Midday Update<\/strong><\/p>

The market opened with choppy price action on Friday as investors eye the first round of the 2022 French presidential election race on Sunday. The election comes at a time when the Eurozone is battling against rising inflation under Ukraine\/Russia war cloud and investors are looking for a direction of the market from the result of the election. Scholz will be meeting with UK prime minister Boris Johnson and a possible discussion on additional sanctions towards Russia.<\/p>

Fed\u2019s tightening signals continue to dominate the market as Bullard projects a 3-3.25% rate hike this year boosting the Dollar strength. EU\u2019s Von Der Leyen visits Kyiv later today and president Zelensky will be speaking to the French parliament later today.<\/p>

The EURUSD<\/a> rebounded from 1.0850, a monthly low gaining +0.06% as the Dollar index retreats from a 2-year high. The EURUSD soar to 1.0892 during the European session although upside gains remain challenged by 1.0900 psychological resistance. A break above 1.0900 could renew bullish interest while a failure to break that area will continue to underpin EURUSD selling pressure as war risk sentiment lingers on.<\/p>

The GBPCAD<\/a> dropped -0.21% after a 2-day corrective pattern from 1.6300 near-term support. Investors eye the Canadian employment report for March ahead of the BoC interest rate hike. A possible retest of 1.6550 area although a failure to hold above 1.6300 may reinforce selling pressure to 1.6200, September 2019 lows.<\/p>

The USDJPY<\/a> was mildly up by +0.12% as bulls\u2019 momentum recedes due to a softer dollar. The pair was trading at 124.00 and a break above that area may give room for upside momentum towards 125.00, a 7-year high. The USDJPY has been boosted by policy divergence between BoJ and Fed, although BoJ could intervene if the JPY continues to tumble.<\/p>

European equities opened higher as investors tolerate some degree of risk ahead of the French presidential elections. The DAX<\/a> was up +1.16% at 14320, while the CAC40<\/a> gained by +0.35%, with gains capped by 6600 near-term resistance. The FTSE<\/a> was lagging behind with 0.10% gains as bulls attempt the 7700.00 resistance.<\/p>

US futures markets rebounded from weekly lows as Fed hawkish sentiments fade. The S&P500<\/a> soared by +0.38% from 4450, 2-week support, and a possible target at 4500.00. Nasdaq futures<\/a> were up +0.36% and bulls face a 14750.00 barrier after rebounding from 14400.00 support. The Dow Jones futures index<\/a> extended gains by +0.40% after finding near-term support at 34185.00. A break above 34800 may give room for further upside towards 35354.00<\/p>

In commodities, Oil<\/a> continues to tumble on Friday as demand recedes. USWTI dropped by -1.00% from 97.75 high and bears could trade lower to $92.00\/barrel. Brent<\/a> slumped by -1.28% and the next level to watch out for is the 96.99 support.<\/p>

The benchmark US10-year yield<\/a> extended gains by +0.79% slightly below 2.80%, January 2019 high reinforcing investor sentiment of pricing a more aggressive policy cycle.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Midday Update The market opened with choppy price action on Friday as investors eye the first round of the 2022 French presidential election race on Sunday. The election comes at a time when the Eurozone is battling against rising inflation under Ukraine\/Russia war cloud and investors are looking for a direction of the market from […]<\/p>\n","protected":false},"author":4,"featured_media":25353,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[453,605,658,639,307],"yoast_head":"\nThe French Presidential Election Race - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/the-french-presidential-election-race\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The French Presidential Election Race The French Presidential Election Race\" \/>\n<meta property=\"og:description\" content=\"The market opened with choppy price action on Friday as investors eye the first round of the 2022 French presidential election race on Sunday. 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