Euro rose in European trade on Friday against  a basket of major rivals, extending gains for the seventh straight session against the US dollar and hitting three-week highs, about to register its largest weekly profit in 2024.

The far right “National Front” French party got less votes than expected in the first round of French elections, in turn boosting the euro. 

Now investors await the second and final round of the Parliamentary elections in the weekend, with the far right widely expected to fall short of an outright majority. 

The Price 

The EUR/USD pair rose 0.2% today to $1.0830, the highest since June 12.

The pair rose 0.25% on Thursday, the sixth profit in a row, as the odds of  two Fed rate cuts this year improved, undermining the greenback.

Weekly Trades 

The EUR/USD pair is up 1.1% so far, on track for the largest weekly profit in 2024.

French Elections 

Latest opinion polls indicated the National Front will get between 190 and 220 seats in the French Parliament, followed by a leftist populist coalition, which is expected to gather over 160 seats, followed by Emanuel Macron's Together coalition with estimated 120 seats. 

Nearly 36% of respondents wanted the far right to win, while 26% supported the leftist coalition, with only 19% supporting Macron’s party.

The polls, in addition to the recent European Parliament elections, clearly indicate the strengthening position of the far right movement in France.

The Dollar 

The dollar index fell 0.2% on Friday, sharpening losses for the seventh straight session and plumbing three-week lows at 104.95 against a basket of major rivals.

Earlier US data showed the economy has likely slowed down more than expected in the second quarter, in turn boosting the odds of two Federal Reserve interest rate cuts this year. 

Sterling rose in European trade on Friday against a basket of major rivals, extending gains for the fourth straight session against the dollar and hitting three-week highs after a historic win by the UK labor party in general elections. 

The Labor Party won by a landslide, removing the Conservatives from power for the first time in 14 years, and getting their second largest majority in history. 

Current UK PM Richie Sunak admitted defeat, with Labor’s Keir Starmer becoming the next Prime Minister.

The Price

The GBP/USD rose 0.15% today to $1.2780, the highest since June 13, with a session-low at $1.2754. 

The pound closed up 0.15% on Thursday against the dollar as the greenback sustained losses following weak US services data.

Historic Labor Win 

The Labor Party won a historic win this week, coasting to an easy singular majority after years of conservative rule. 

According to reported results, the Labor party will control 409 seats out of 650 Parliamentary seats, becoming the second largest ever Labor share in its history. 

What Does the Landslide Mean?

A new Labor government hasn’t moved markets much so far but analysts expect British assets to become more attractive. 

Investors will also likely welcome the stability brought upon by a single party rule for the next few years. 

The US markets are closed today for the Fourth of July holiday, with activities scheduled for resumption tomorrow. 

Investors are mainly waiting for the crucial US payrolls reportyt tomorrow, expected to show the addition of 190 thousand new jobs in June. 

Bitcoin skidded on Thursday to two-month lows, sharpening losses for the third straight session amid a heavy selloff. 

Major wallets are intensifying their moves before the scheduled repayments to debtors by the Mt. Gox platform, which closed after over 140 thousand bitcoins were stolen by a hack in 2014.

Prices 

Bitcoin fell 5.7% at Bitstamp today to $56,748, the lowest since May 1, with a session-high at $60,430. 

On Wednesday, Bitcoin lost 3.1%, the second loss in a row amid an aggressive selloff wave.

Crypto Market Value 

The market value of cryptocurrencies fell by over $95 billion today to $2.222 trillion, a two-month low as both bitcoin and ethereum sustain heavy losses.

German Government Wallet 

According to official sources, the German Federal Police Agency transferred over $75 million from a government wallet to crypto exchanges. 

Such a transfer contributed to the ongoing losses by prices according to analysts. 

The data showed the German authorities transferred $175 million worth of bitcoin to different wallets, including $75 million that were sent to Coinbase among other platforms. 

Mt. Gox Wallets

The Mt. Gox wallets, which were dormant for a month, showed some activity in experimental trading, which indicates a potential distribution of assets and more selling pressures. 

The Mt. Gox platform is scheduled to distribute stolen assets to clients by a court order, however the exact timing hasn’t been nailed yet.

The repayments will be done through bitcoin and bitcoin cash.