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Pound to Euro exchange rate: Emmanuel Macron's French election victory sees Euro rise to highest level in five months

Evening Standard logo Evening Standard 24/04/2017 Robin De Peyer

The Euro rose to its highest level in five months after Emmanuel Macron made it through to the second round of the French Presidential election.

Mr Macron, a centrist, is heavily backed to beat his far-right rival Marine Le Pen when the pair go head to head for the Presidency on May 7.

Sunday’s first round result was welcomed by investors who had feared far-left candidate Jean-Luc Melenchon could make it through to the final run-off to face Le Pen.

Against sterling, the Euro rose more the one per cent, to be valued at 0.8482. It also rose two per cent against the dollar, reaching $1.09395, which is its highest level since November 10.

​Octavio Marenzi, who is chief executive of financial research consultancy Opimas in Paris, said: "Macron will be reassuring to markets, with his pledge to lower corporate taxes and to lighten the administrative burden on firms. He basically represents continuity."

City Index research director Kathleen Brooks added that the result was being welcomed by investors for two reasons.

She said: "Firstly, Macron is a politically stable, centrist candidate, almost like France's Obama... He is considered a safe pair of hands. Secondly, it helps to solidify the future of the EU and the euro, something that Marine Le Pen wants to destroy."

Macron is a former investment banker, quit his role in current French President Francois Hollande’s government to launch his own political movement, En Marche! (On The Move!).

He has consistently been tipped by pollsters to triumph over Le Pen, a far-right leader who has pledged to drag France out of the EU and return France to using the Franc currency.

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