TOKYO/LONDON (Reuters) – The dollar was stable while the euro was at its lowest in more than a month as political turbulence in Europe raised the level of uncertainty as investors waited for further data to gauge the strength of the U.S. economy.
Investors grapple with the risk of a budget crisis at the heart of the euro zone, as far-right and left-wing parties gain momentum ahead of early elections in France, putting pressure on President Emmanuel Macron’s centrist administration.
At 10.20am the euro gained 0.1% to 1.0706 dollars, after having reached its lowest level since May 1st at 1.06678 dollars on Friday. Last week the currency recorded its biggest weekly decline since April.
The dollar index lost 0.01% to 105.541, around its highest level since May 2, driven mainly by the weakness of the euro.
The pound lost 0.1% to $1.2672. Inflationary pressures in Britain still appear too much for the Bank of England to cut rates at its June 20 meeting, and a majority of economists polled by Reuters expect the first cut to not start until August 1.
The yen was stable at 157.58, having slipped to 158.26 following Friday’s decision, the lowest since April 29.
Among cryptocurrencies, bitcoin rose by 0.7% to $66,197, while ether advanced by 4.1% to $3,551, according to Lseg data.
(Translated by Laura Contemori, editing by Sara Rossi)
