Political Earthquake Rocks France
Sunday's parliamentary elections delivered a seismic shift in French politics,xmr to usd with Marine Le Pen's National Rally (RN) securing 34% of first-round votes according to preliminary counts. The result positions the far-right party as frontrunner in the battle for parliamentary control, marking a dramatic reversal from previous electoral cycles.
President Emmanuel Macron's centrist alliance suffered a crushing setback, trailing in third place with just 20.3% support. The left-wing New Popular Front coalition emerged as runner-up with 28.1%, setting up a tense three-way political showdown ahead of the decisive July 7 second round.
Runoff Dynamics and Market Implications
Current projections suggest RN could capture 230-280 parliamentary seats, potentially falling short of the 289 needed for absolute majority. This uncertainty has injected volatility into European markets, with traders closely monitoring potential policy shifts that could impact France's fiscal trajectory and EU relations.
The EUR/USD pair showed modest gains at 1.0735 during early Monday trading, though analysts caution this reflects temporary relief rather than resolution of political risks. Market participants are bracing for potential turbulence as France enters a critical week of political maneuvering before the runoff.