Pro-EU Macron wins France's presidency, Le Pen hopes dashed

  • Pro-EU Macron wins France's presidency, Le Pen hopes dashed

Pro-EU Macron wins France's presidency, Le Pen hopes dashed

The euro briefly rallied to a six-month high against the dollar Monday after pro-European centrist Emmanuel Macron's victory in the French presidential election eased concerns about the country's future in the eurozone.

Addressing the concerns of his rival's voters, Macron promised to address the "anger, anxiety and doubts" in France, as worries about economic insecurity and an increase in immigration were prominent themes of far-right National Front (FN) candidate Marine Le Pen's campaign. He founded his own party, En Marche!, and hence now has no elected representatives to push through his plans.

"Political risk in Europe has been considered as a major market theme this year".

Earlier, outgoing President Francois Hollande, the most unpopular in the country's modern history also voted for his successor in his political fiefdom of Tulle. "It's more emphatic than expected but there's no surprise element for the market in Macron winning".

The centrist's emphatic victory brought comfort to investors and European allies alike, who had been nervous of the risk of another populist upheaval to follow Britain's vote to quit the EU and Mr Donald Trump's election as USA president - neither of which had been predicted by pollsters or bookmakers. "I will come back and I will marry you", according to his biographers.

In his speech to the crowd, he said: "Tonight you won, France won".

But here's one more important fact: as of now, En Marche! has absolutely no seats in the French Parliament's 577 seats.

Defeated US presidential candidate Hillary Clinton, who like Macron had her campaign hacked, tweeted: "Victory for Macron, for France, the European Union, & the world".

After the complete official results of the runoff vote are confirmed, the victor of the election will be sworn by May 14 the latest, taking over from Francois Hollande. The National Front is a movement which measures its progress over decades.

But there are still concerns over whether Macron will be able to push economic reforms through the National Assembly without a majority. Had he not been, he, not Macron, would have been the favorite to win. He defeated far-right candidate Marine Le Pen to become the youngest person to hold that post since Napoleon over 200 years ago.

Though Macron's victory is considered positive for the region's economy and the euro currency, stocks had risen strongly in the previous two weeks on expectations of his win.

His 64-year-old wife Brigitte, who he wooed when she taught him drama at school, joined him on stage with her children and grandchildren.

Her father and co-founder of FN Jean-Marie Le Pen made it to the second round in 2002, but lost to Jacques Chirac by a big margin of 17.8 to 82.2 percent.

Still, the anti-establishment wave seems unlikely to disappear anytime soon.

There was a slight chance of a surprise victory for Le Pen like what had happened in the USA but with the French people choosing to go down the safe path, the only risk event vanished and this pushed the gold prices towards 1220 on early selling.

French President -elect Emmanuel Macron's long walk to his victory rally was sountracked by European Union anthem 'Ode to Joy'.

"While politicians in Europe let out a collective sigh of relief, what the result can't disguise is the level of voter dissatisfaction in France as a whole", said Michael Hewson, economist at CMC Markets. "I will work to recreate the link between Europe and its peoples, between Europe and citizens".

Former US president Barack Obama who openly backed Macron last week and whose message of hope served as a model for the French candidate is a cautionary tale for what can happen when some promises go unfulfilled.