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Forex News: Euro Declines On Political Uncertainty

Euro Declines On Political Uncertainty

06/11/2024 - 12:25:00 (RTTNews)

(RTTNews) - 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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