For those of you who don’t know yet, France is going to hold the next presidential election in spring 2017. For now, we know that President Hollande is not going to participate in the election this time.
Let’s recollect what his presidency gave to France. First of all, President Hollande approved a widely unpopular labor reform initiated by the socialists. Millions of people went on strike to show their discontent with the reform.
By the way, since Francois Hollande took office in 2012, the local rate of unemployment has already increased from 9.3% all the way up to 9.7%. On top of that the tax burned increased to a stunning 47.9%, which is the highest tax rate in the entire European Union. At the same time, President Hollande approved the decision to impose a 75% tax on French millionaires. This resulted in miss immigration of rich French citizens. In absolute terms, the taxes were increased by a stunning 50 billion EUR, which eventually contributed to an economic slowdown in France.
And finally, President Hollande promised a 2.5% GDP increase is not going to happen neither in 2016 nor in 2017. They expect the French GDP to grow by as little as 1.4% this and next year.
FOREX
According to the SRP (AO_Zotik and WPR_VSmark) Department of Masterforex-V Academy, the EURUSD chart with the SRP tool applied to it shows that the same wave C inside the ABC pattern of level Daily is still underway. The next price target is 1.0243
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