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The euro weakens after the result of the European elections

2024-06-10 11:20:00, Ekonomi CNA

The euro weakens after the result of the European elections

The European Parliament elections were followed by the weakening of the euro against the US dollar.

On Monday morning, one euro was less than $1.08, while for most of last week it was close to $1.09.

Analysts say the moves don't seem big, but reflect how people feel in the economic markets.

"The EU election results showed an increase in support for right-wing parties - which was expected - but the surprise element is that [French President Emmanuel] Macron reacted by calling early elections. This makes the market more nervous," Lee Hardman, currency analyst at financial services company MUFG, told Reuters.

Similar movements were seen in the stock markets, as major stocks in all major European markets fell.

The European Parliament elections were held from June 6 to 9.

Far-right parties saw growth in several European countries, including France and Germany.

In France, President Emmanuel Macron announced early elections after his party suffered a heavy defeat against the far-right National Front./ REL





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