EUR/USD gaps lower at the open as the first round of French presidential elections leaves a lot of room for uncertainty. Socialist challenger Francois Holland did quite well, and he has called for a renegotiation of the Euro-zone fiscal agreement, in order to encourage growth. Monday morning started with a host of releases today out of the Euro-zone, France and Germany, with many falling below the market forecast. French Flash Manufacturing PMI came in at 47.3, exactly as predicted. However, both the German and Euro-zone Flash Manufacturing PMI were below the market prediction. Euro-zone Flash Services PMI posted a reading of 47.9, slightly below the market forecast. German Flash Services PMI came in at 52.6 almost matching the market forecast. French Flash Services PMI was the biggest disappointment, as it dropped to a six-month low. The index came in at 46.4, well below the market forecast of 50.3.  EUR/USD continues to slide, trading at 1.3137.  Euro-zone Industrial New Orders were a major disappointment, posting a reading of -1.3%. The markets had predicted a rise of 1.4%. 


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