PT Solid Gold Berjangka | Euro Eases on French Poll Gridlock, Dollar Sluggish After US Payrolls
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Solid Gold Berjangka | The euro fell on Monday on expectations of a hung parliament amid an unexpectedly strong leftist coalition in the French elections and renewed uncertainty over the country’s fiscal outlook.
The dollar was on the back foot after Friday’s unexpectedly soft U.S. jobs data reinforced expectations that the Federal Reserve will begin cutting interest rates as early as September.
The yen rebounded from last week’s near 38-year lows against the dollar and rose for the third day in a row.
The British pound was steady following last week’s election victory for the Labour Party, ending 14 years of Conservative rule.
The euro was down 0.06% at $1.0827, having earlier fallen as much as 0.4% as investors weighed the outcome of a hung French parliament. There were several surprises in the forecast results, with the leftist New People’s Front (NFP) coalition likely to come in first and Marine Le Pen’s nationalist and euroskeptic National Assembly (RN) in last place.
Opinion polling firms predicted that the left would win between 184 and 198 seats, well below the 289 seats needed for an absolute majority. President Emmanuel Macron’s centrist coalition was expected to win 160-169 seats, and the Nationalist Party and its allies 135-143.
The market will not like the idea of a far-left government having a say,” said Chris Weston, Pepperstone’s head of research.
At the same time, “the greater-than-expected support for the centrist Macron and the number of seats won by the left means that it will be really difficult to pass the NFP manifesto in its entirety,” Weston says. ‘Uncertainty is rising again, but its impact should be contained.’
The pound gained 0.08% to $1.2804 after rising to $1.2820 for the first time since June 12.
In cryptocurrencies, bitcoin fell about 2% to $55,188. The move was a continuation of last week’s weakness as traders feared that tokens were likely to be dumped from the Japanese exchange Mt. Gox.
Source Reuters
The euro fell on Monday on expectations of a hung parliament amid an unexpectedly strong leftist coalition in the French elections and renewed uncertainty over the country’s fiscal outlook.
The dollar was on the back foot after Friday’s unexpectedly soft U.S. jobs data reinforced expectations that the Federal Reserve will begin cutting interest rates as early as September.
The yen rebounded from last week’s near 38-year lows against the dollar and rose for the third day in a row.
The British pound was steady following last week’s election victory for the Labour Party, ending 14 years of Conservative rule.
The euro was down 0.06% at $1.0827, having earlier fallen as much as 0.4% as investors weighed the outcome of a hung French parliament. There were several surprises in the forecast results, with the leftist New People’s Front (NFP) coalition likely to come in first and Marine Le Pen’s nationalist and euroskeptic National Assembly (RN) in last place.
Opinion polling firms predicted that the left would win between 184 and 198 seats, well below the 289 seats needed for an absolute majority. President Emmanuel Macron’s centrist coalition was expected to win 160-169 seats, and the Nationalist Party and its allies 135-143.
The market will not like the idea of a far-left government having a say,” said Chris Weston, Pepperstone’s head of research.
At the same time, “the greater-than-expected support for the centrist Macron and the number of seats won by the left means that it will be really difficult to pass the NFP manifesto in its entirety,” Weston says. ‘Uncertainty is rising again, but its impact should be contained.’
The pound gained 0.08% to $1.2804 after rising to $1.2820 for the first time since June 12.
In cryptocurrencies, bitcoin fell about 2% to $55,188. The move was a continuation of last week’s weakness as traders feared that tokens were likely to be dumped from the Japanese exchange Mt. Gox.
Source Reuters