The second round of voting in the French parliamentary elections ended, and the market was hit by an unexpected shock, but not the kind of surprise that was expected a week ago. The results showed that the left-wing coalition won the majority of seats, the centrists came in second, and the far right came in third, which was really unexpected for the market, and the market is still digesting this result and its impact. The far left promotes policies such as raising wages, which is seen as inflationary. In the past week or two, the market has not paid attention to them, but has focused all its attention on the far right. Therefore, the market sentiment has changed after the European trading session opened today. The euro depreciated slightly during the Asian session this morning. I think one of the effects of the far left winning is that it will pose a challenge to the European Central Bank to continue to cut interest rates, because if France wants to stimulate the economy, this is contrary to cutting interest rates. When the French bond market opened, the spread between German and French bonds widened, which will also cause trouble for the European Central Bank. In terms of the impact of this on gold and cryptocurrencies, we traded a small short position on the day last night based on the signals of the model, and there were other reasons besides the French election. After the European session opened today, the market sentiment changed rapidly, and we also opened a long position based on the model signals.
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