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Euro Tumbles Significantly Amid Political Uncertainty, Massive Dollar Strength Overseas

Published on Jun 10, 2024 17:14

Euro tumbled to over one month low against the dollar on Monday due to political uncertainty caused by French President Emmanuel Macron`s announcement of a sudden legislative election. European equities also fell as traders digested the results of the European Parliament elections. The far-right made gains in the European elections on Sunday, prompting French President Emmanuel Macron to call a surprise snap legislative ballot. Besides, massive strength in dollar overseas following US jobs number that came in above forecast and reduced expectations of a rate cut, weighed on the single common currency. US CPI figures and FOMC meeting will be closely watched for further cues. Currently, EURUSD pair is quoting at $1.0749, down over half a percent on the day and at its lowest level in more than a month. Dollar index futures are trading at 105.24, up 0.4% also hammering the euro.

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