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Euro weakens against major currencies as France fiscal risks rise

The euro was weakest versus the Japanese yen, and BBH analysts said France’s deficit plan may face major parliamentary hurdles.

Reported · Written up by our desk · Major Pairs

The euro underperformed its major currency peers at the start of the week, as increased fiscal risks in France weighed on sentiment, according to FXStreet.

FXStreet reported that the euro was the weakest against the Japanese yen. The outlet also cited a France budget path that France’s finance minister, Roland Lescure, has pledged to take.

Lescure vowed to cut France’s budget deficit from a target of 5% of economic output next year to the European Union limit of 3% by 2029. FXStreet added that financial experts doubt the current minority government can meet the plan.

FXStreet said analysts at BBH expressed doubt the proposal would clear parliament without significant concessions, highlighting the political hurdles to consolidation.

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