The election of Emmanuel Macron in France is a positive for the country’s creditworthiness but his presidency could yet come unstuck if it fails to deliver growth to help cut its large debts, Moody’s Investors Service has said.

The euro slid to a three-week low against the dollar and fell versus the yen yesterday after European Central Bank president Mario Draghi highlighted downside risks to eurozone growth and said monetary policy would stay accommodative.