The euro is falling despite Macron's victory in the elections

The euro fell against the US dollar today despite Macron's victory as Interior Ministry figures showed that with 97% of the votes counted, Macron was on course to get 57.4% of the vote, the first French head of state to win a second term in two decades.

The single European currency fell against the US dollar by 0.34% to $ 1.07725, and the pan-European Euro Stoxx 50 futures contract was down 1.75% in Asian trading today. Informed sources indicated that ECB officials are keen to end bond buying at the earliest opportunity and raise interest rates as soon as possible in July, and the focus will shift to the French parliamentary elections in June to implement the reforms as the new president will need to secure a parliamentary majority.