The global news stations were busy over the weekend covering the biggest cyber-attack in the history, which affected more than 200,000 businesses across Asia, Europe, and the US, raised many questions and red flags about the exchanges securities.
Such incident might not be over yet according to many reports, and such thing would be an opportunity, as volatility is likely to be on the rise this week.
However, equities so far have ignored this news, most of Asia and Europe are up, while the US futures are slightly higher ahead of the opening bell.
Yet, the biggest news in the currency market is the Euro, which began the week higher across the board, adding more than 0.4% against the US Dollar so far. Trading above 1.0950, nearing its last week’s high around 1.10.
What’s Behind The Euro Rally?
There are two events that support the Euro for the time being: the first one is the French election outcomes, which ended with Macron to be the next president of France.
This is seen as a victory not only for France but for Europe and especially the European Union, as there were fears regarding a possible Frexit if the Far-Right Candidate Le Pen was elected.
What’s more important than the French election is the German election.
Angela Merkel’s party scores a big win in a key state election on Sunday. The victory came in Germany’s most populous state that was seen as a dress rehearsal for national parliamentary elections in September.
Such victory means that Angela Merkel will seek a fourth term, and if this happens, this will be considered as another victory for the united European Union.
Read more: https://www.orbex.com/blog/2017/05/euro-pumped-by-france-germany-news/