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The EUR/USD fell more than 60 pips while French banking stocks took a battering in response to the weekend’s surprise election results in the European Parliament, prompting French President Macron to call on a snap election in order to halt the rise of rival and far-right Marine Le Pen. The uncertainty has weighed on risk assets for now, but the market’s focus is likely to shift swiftly. As far at the EUR/USD forecast is concerned, there is the US dollar to consider too, which is subject to heightened volatility as we have US CPI and the Fed’s rate decision coming up on Wednesday.
Meanwhile, crude oil prices rebounded on Monday, more than making back their losses from the week before. While there is hope for increased fuel demand as we head deeper into the US driving season, today’s recovery comes on the back of a three-week drop amid concerns over demand in China and rising non-OPEC supply. So, it remains to be seen whether the recovery can hold.
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