GBP

Foreign exchange rates are settling into narrower trading ranges this morning as political risks ebb and the dollar’s retreat continues. The euro is modestly lower after an alliance of left-wing parties achieved a stunning upset in the French election, making a “hung parliament” – in which no single group can dominate the legislative agenda – the most probable outcome. Defying polls that showed Marine le Pen’s Rassemblement National on track toward gaining the biggest delegation in the National Assembly, Jean-Luc Mélenchon’s Socialist Nouveau Front Populaire is leading with 182 seats, with most constituencies counted, followed by President Emmanuel Macron’s Ensemble...