Euro and Pound strengthen due to Brexit optimism and French election results

From Investing.com: 2024-07-05 02:16:00

The UK’s Labour Party secured a landslide victory in the general election, boosting confidence in the pound and British stocks. The FTSE 100 rose on the news, expected to benefit from an upcoming rate cut by the Bank of England. In France, Marine Le Pen’s National Rally is forecasted to fall short of a majority in legislative elections, calming investors’ fears. The Euro hit a post-election rally, with the EUR/USD reaching new highs. US job figures are set to be revealed today, with softer data likely to increase Fed rate cut bets and impact the dollar and yields. Technology stocks continue to be a focus amid slowing economic growth. Correlations between US and European stocks are at a decade low, raising concerns about index diversification.



Read more at Investing.com: Euro and Pound Up, US Dollar Down Ahead of US Jobs Data