Euro slips to one-month low as Macron calls French election
SINGAPORE - The euro fell on Monday as the French President Emmanuel Macron called a shock election after being trounced in the European Union vote by the far-right, while the dollar was steady ahead of the Federal Reserve meeting later in the week.
"The prospects of a far right victory in France's snap elections may keep the euro under pressure in the near term," said Mansoor Mohi-Uddin, chief economist at Bank Of Singapore. U.S. nonfarm payrolls expanded by 272,000 jobs last month, data showed, while economists polled by Reuters had forecast payrolls advancing by 185,000.
The jobs data led traders to once again shift their expectations of when the Fed will cut rates and by how much. Markets are now pricing in 36 basis points of cuts this year compared to nearly 50 bps - or at least two cuts - before the jobs data.The Fed is not expected to make any change at its policy meeting this week but the focus will be on the comments from Fed Chair Jerome Powell and changes to economic projections from the policymakers. U.S. inflation data is also due on Wednesday.
The policymakers are brainstorming ways to slow its bond buying and may offer fresh guidance as early as this week, sources familiar with its thinking told Reuters, in what would be a first step to reducing its almost $5 trillion balance sheet.
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