Euro Exchange Rates Unmoved As Political Uncertainty Continues In France

Exchange RatesCurrency NewsBy James ElliotPublished: Jul 08, 2024 at 09:30Updated: Jul 08, 2024 at 09:30EUR French Election A surprise win for the left-wing coalition in the French elections has ensured more political uncertainty. Le Pen’s National Party slipped to third place. A hung parliament and the potential for political impasse will weigh on the euro and European stocks. European markets reflect some relief on Monday as the second round of the French election concluded with the Eurosceptic National Party falling into third place. However, the outcome is far from ideal as no party won a clear majority and the French parliament will be paralyzed by a three-way split. Certainly, there has been no euphoric rally in the euro like there was when Macron defeated Le Pen in 2017. Indeed, the euro is slightly lower against the US dollar and is –0.08% against the pound. French stock markets are opening unchanged from Friday’s close which saw some nervous selling into the weekend break. No...