All eyes on Sunday’s French election result, but little evidence of defensive positioning in the EUR. GBP continues to fly the flag, batting off the negative mood over the latest Brexit exchanges. Commodities in focus, but tentative signs of some near term relief. CAD overstretched. US jobs report mixed at best.The week after the US non-farm payrolls is usually a quiet affair, but by the time the Asian session Sunday is up and running, we should have a good idea of the outright winner of this weekend’s French election. Given the extremist stance of Macron’s opponent, who still has carries a near 40% vote according to the polls, the markets are pretty comfortable with his lead, and this has been telling in the lack of defensive pre-weekend positioning in the EUR.
