- EUR/USD falls to near 1.0700 as the Euro’s outlook appears to be uncertain ahead of French elections outcome and the Eurozone preliminary Harmonized Index of Consumer Prices (HICP) data for June, which will be published on Tuesday.
- Investors worry that new government formation in France could boost spending plans, which could result in a deepening budget crisis. The uncertainty over French elections deepened after French President Emmanuel Macron called for a snap election when his party suffered defeat in the European elections to Marine Le Pen’s far-right National Rally (RN). However, the victory of the National Rally is not inevitable due to the formation of the French left, also known as the Popular Front.
- Investors will pay close attention to the Eurozone preliminary HICP data as it will provide clues about European Central Bank’s (ECB) subsequent rate cuts. The ECB began its rate-cut cycle from early June’s policy meeting in which it reduced its key rates by 25 basis points (bps).
- Meanwhile, the broader decline in price pressures in major nations of the Eurozone has boosted expectations of more rate cuts by the ECB. In France, the preliminary annual Consumer Price Index (CPI) declined expectedly to 2.5% from the prior release of 2.6%. Annual HICP in Spain decelerated to 3.5% from the former reading of 3.8% but remained higher than expectations of 3.4%, while price pressures in Italy were mixed
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