Euro ascends as political uncertainty observed easing a touch

On Monday, the common currency leapt from an 11-month minimum against a broadly weaker greenback, with political developments seen by some experts as making next year's French as well as German elections less uncertain, thus providing some support to the major European currency.

Over the weekend, former French president Nicholas Sarkozy was ousted from the race for the presidency, thus leaving former prime ministers Francois Fillon and also Alain Juppe to battle it out to become the Republican party's nominee for the election in May.

The winner is supposed to face far-right, anti-European Union National Front leader Marine Le Pen. Some experts drew attention to the fact that the defeat of the deeply unpopular Sarkozy had minimized the overall prospects of her winning, thus easing market participants’ worries as for a break-up of the euro zone.

The common currency climbed 0.5%, reaching $1.0645, having come up to the weakest levels since December 2015 on Friday.

Scroll to top