Macron's first round lead a light comfort for the euro

EUR/USD is holding up 0.3% on the day, trading around 1.0910 at the moment. While the dollar is holding slightly firmer across the board, the euro is getting some respite from the results of the first round of the French election yesterday.

Macron has a decent lead but the runoff on 24 April may be a tight one between himself and Le Pen, as voters for Mélenchon will be split between the two and also abstaining from voting in general.But for now, the euro is seeing a bit of a relief in European morning trade; recovering some ground after the opening gap higher earlier in the day was erased amid a firmer dollar.It would be more convincing if the euro can get above the highs in the past few days around 1.0938-40. Otherwise, I'd argue that sellers are still in a comfortable spot for the time being.