Euro starts slightly higher to the week following French election in which Marine Le Pen’s far-right party is poised to dominate the first round.
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‘August is likely an outlier due to the Olympic Games’ French services expanded at the fastest pace in more than two years, driving Europe’s second-biggest economy as visitors from around the world flocked to Paris for the Olympic Games. S&P Global’s Purchasing Managers’ Index for the sector surged to 55 in August from 50.1 in July, far above the 50 threshold that divides growth from contraction and the median estimate of 50.3 in a Bloomberg survey. Source: Bloomberg
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Raising the floor on the basic wage known as the SMIC by around €200 ($217.64) to €1,600 a month net is a core proposal of the New Popular Front, which won the largest share of seats in a snap election two weeks ago, but not enough to govern alone. Source; Bloomberg