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June 14 - The euro was on track for its biggest weekly fall against the dollar in two months on Friday on concerns that a new government will worsen French fiscal situation as a snap parliamentary election approaches.
“On both ends of the French political spectrum, the parties that are campaigning are fiscally expansionist parties,” said Karl Schamotta, chief market strategist at Corpay in Toronto. “Markets are mostly responding to additional fiscal stress.” The euro is on track for a 1.2% weekly fall - its biggest since April - and was last down 0.61% on the day at $1.0668, the lowest since May 1.
The European Central Bank and Bank of Canada have begun cutting rates while the Federal Reserve holds steady.
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