Euro Declines On Political Uncertainty
11 Juni 2024 - 2:25PM
RTTF2
The euro weakened on Tuesday, as the far-right National Rally
party's success in the European elections made French President
Emmanuel Macron call a snap election.
The euro touched a one-month low against the dollar on Monday
following the announcement of French parliamentary elections.
Focus remains firmly on Wednesday's U.S. consumer price data and
the Federal Reserve interest-rate decision.
The Fed is widely expected to leave interest rates unchanged,
but traders will pay closer attention to Fed officials' updated
projections for the economy and rates.
After Friday's strong jobs report, markets are now pricing in
just one rate cut this year, in November, according to the CME
FedWatch Tool.
The euro fell to near a 6-week low of 1.0719 against the
greenback and near a 2-year low of 0.8418 against the pound, off
its early highs of 1.0773 and 0.8468, respectively. The euro is
seen finding support around 1.05 against the greenback and 0.82
against the pound.
The euro declined to a 1-week low of 168.29 against the yen and
near a 2-month low of 0.9615 against the franc, from its early
highs of 169.42 and 0.9658, respectively. The euro is likely to
find support around 160.00 against the yen and 0.95 against the
franc.
The euro dropped to near a 4-week low of 1.4768 against the
loonie, fresh 3-week low of 1.6235 against the aussie and near a
4-month low of 1.7496 against the kiwi, reversing from its early
highs of 1.4826, 1.6335 and 1.7599, respectively. The currency may
locate support around 1.46 against the loonie, 1.59 against the
aussie and 1.72 against the kiwi.
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