The euro collapses as a newly appointed French Prime Minister Lecornu Hands in resignation

The euro is quickly overthrown on the titles here, EUR / USD lowering from 0.6% to 1.1665 per day. EUR / GBP also dropped from 0.3% to 0.8680 while French political misfortunes weighed on currency. At the same time, French shares also deepened losses with the CAC 40 index down 1.7% of the day.

The newly appointed French Prime Minister, Lecornu, was immediately under pressure on weekends while he was fighting to put his tax affairs in order. There were concerns about the implementation of the budget in order to solve the growing problem of the deficit for the second largest economy in Europe. And obviously, this is too hot to manage as the play of musical chairs continues.

The drop in EUR / USD is still largely contained from a technical point of view, but the mobile average at 100 days is not too far at 1.1620. And it will be a key line in the sand while respecting the pair since its push from March to September.