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EUR Heads Into London Close at Session Lows

CROSS ASSET
  • EUR heads into the London close following the broader risk-off tone, with particular sensitivity in French assets (CAC-40 underperforming, French/German spreads widening as covered above, and French banking names trading particularly softly; Credit Agricole, Societe Generale lower by 2-3%) being noted. EUR/JPY has reversed well off highs, with the cross over 100 pips off the session's best levels.
  • No fresh news catalyst, but the pessimistic theme and uncertainty surrounding French politics clearly pervades - while not new news, Macron's approval rating falling to a fresh six-year low (24% according to the latest poll published in Les Echos) adds to the weight. The only time his approval has been lower (23%) was in December 2018 during the height of the Gilets Jaunes protests.
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  • EUR heads into the London close following the broader risk-off tone, with particular sensitivity in French assets (CAC-40 underperforming, French/German spreads widening as covered above, and French banking names trading particularly softly; Credit Agricole, Societe Generale lower by 2-3%) being noted. EUR/JPY has reversed well off highs, with the cross over 100 pips off the session's best levels.
  • No fresh news catalyst, but the pessimistic theme and uncertainty surrounding French politics clearly pervades - while not new news, Macron's approval rating falling to a fresh six-year low (24% according to the latest poll published in Les Echos) adds to the weight. The only time his approval has been lower (23%) was in December 2018 during the height of the Gilets Jaunes protests.