Euro Down on PMI, Concerns About French Elections

The euro was down today on concerns about the outcome of the presidential elections in France. The report that showed the manufacturing index falling to the lowest level in almost three years also had its negative impact on the currency.

Socialist Francois Hollande won the first round of elections, while incumbent President Nicolas Sarkozy was the second. The anti-euro far-right National Front, led by Marine Le Pen, was third, showing that resentment against the eurozone is growing in France.
Markit Economics reported that the eurozone manufacturing Purchasing Managers’ Index slipped from 47.7 in March to 46.0 in April. Such low level was last seen in July 2009. Traders hoped that the index would rise to 48.1.
EUR/USD was down from 1.3182 to 1.3149 and EUR/JPY slid from 107.47 to 106.59 as of 10:22 GMT today.


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