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Euro underperforms as EUR/USD falls to 1.1161
EUR/USD dipped briefly to its lowest level since May 2025, while France’s budget crisis widened Eurozone yield spreads versus Germany.
Brown Brothers Harriman’s Elias Haddad said the euro is underperforming major currencies, with EUR/USD briefly falling to 1.1161, its lowest level since May 2025, according to FXStreet.
FXStreet notes that Haddad pointed to France’s budget crisis spreading into other Eurozone sovereign bond markets and widening yield spreads to Germany, which has added pressure on the euro.
Haddad also said the fiscal stress complicates the potential activation of the European Central Bank’s Transmission Protection Instrument and contributes to expectations for a shallower ECB hiking cycle, keeping the euro pressured.
The euro’s weakness comes as the focus remains on how European fiscal risks could affect the ECB’s policy outlook, FXStreet said.
Latest closeEUR/USD 1.126 ▼0.6%