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Euro weakens on fears of French presidential election outcome

Euro weakens on fears of French presidential election outcome

Updates: 04/05/2022 19:45
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LONDON – The euro is weakening today due to concerns about the outcome of the French presidential election and other possible sanctions against Russia. Commodity-linked currencies are strengthening, most notably the Australian dollar.

The euro lost against the dollar around 19:30 CST half a percent to $1.0918. And the Australian dollar rose against the US dollar 0.7 percent to 0.7599 dollars at the same time. The New Zealand dollar rose 0.3 percent to $0.6968. The dollar index, which measures the performance of the dollar against a basket of six major global currencies, rose 0.4 percent to 99.37 points.

The Australian Bank, which has promised a tougher approach to monetary policy, has so far kept its key interest rate at a record low.

French financial markets have accepted the possibility that far-right candidate Marine Le Pen could defeat President Emmanuel Macron this month. The main index of French CAC 40 shares fell today by 1.3 percent.

The euro is also affected by the possibility of more sanctions against Russia. The United States and European countries vowed to punish Moscow for the killing of civilians in the Kyiv region. The Kremlin denied allegations of killing civilians. The European Commission has proposed a fifth package of sanctions, including a ban on imports of Russian coal into the European Union.

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