Morning comment

Muted reaction in the Euro, despite the victory of Emmanuel Macron, winning 66% of the votes vs. Marine Le Pen in the second round of the French election. EURUSD briefly traded above 1.10, but is now lower this morning, with the result appearing to have been largely digested by the market. In the US, the Fed’s Williams outlined his outlook for 2 or 3 more rate increases in 2017 hasn’t shifted, as the labour market shows continued signs of improvement. Quiet on the data front today, as the US House health-care bill is destined to be debated in the Senate.

 Euro/Dollar: Trading lower following Macron’s victory yesterday, with short-term support at 1.0950.

 Euro/Sterling: Continuing to hold above support at 84p, with 0.8554 the topside target (50/100 DMA).