Euro steadies as investors weigh up French gridlock; dollar soft

Home Business Euro steadies as investors weigh up French gridlock; dollar soft 08-07-2024 02:55 PM Ammon News - The euro steadied on Monday, recovering overnight losses that stemmed from projections from France's election which pointed to a hung parliament, while the dollar remained soft. The dollar remained on the back foot following surprisingly soft U.S. payrolls data on Friday, which boosted bets for the Federal Reserve to soon start cutting interest rates. Sterling rose to 3-1/2 week highs versus the dollar and the euro, building on the gains following the Labour Party's landslide election victory last week, which ended 14 years of Conservative rule. The Australian dollar benefited from greenback weakness to push to a six-month peak. The yen held above last week's near 38-year trough to the dollar, but weakened from the day's highs. The euro was flat at $1.0828, having earlier slid as much as 0.4%, as investors weighed up the consequences of a hung French parliament. Reuters

Home Business

Euro steadies as investors weigh up French gridlock; dollar soft

08-07-2024 02:55 PM

Ammon News - The euro steadied on Monday, recovering overnight losses that stemmed from projections from France's election which pointed to a hung parliament, while the dollar remained soft.

The dollar remained on the back foot following surprisingly soft U.S. payrolls data on Friday, which boosted bets for the Federal Reserve to soon start cutting interest rates.

Sterling rose to 3-1/2 week highs versus the dollar and the euro, building on the gains following the Labour Party's landslide election victory last week, which ended 14 years of Conservative rule.

The Australian dollar benefited from greenback weakness to push to a six-month peak.

The yen held above last week's near 38-year trough to the dollar, but weakened from the day's highs.

The euro was flat at $1.0828, having earlier slid as much as 0.4%, as investors weighed up the consequences of a hung French parliament.

Reuters

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