US ratings agency Moody's out with their initial thoughts on French election

  • implementation risks remain
  • policy platform credit positive as it aims to enhance medium-term growth while continuing process of debt consolidation
  • French general govt debt is nearly 100% of GDP and is unlikely to decline materially before the end of this decade
  • outcome of legislative elections in June will be crucial in determining whether Macron is able to achiece his policy plans

I highlighted Macron's lack of parliamentary presence in my post earlier. A good enough reason not to get too carried away with the result yesterday.

EURUSD still holding 1.0950 but rallies getting weaker. EURGBP and EURJPY both steady around 0.8440 and 123.40