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French budget showdown and euro retail sales eyed by FX traders

Reported · Written up by our desk · Major Pairs

Action Forex said there are no tier-one releases on the day, with attention split between developments in European markets and Middle East geopolitics. In France, the focus is on whether the Socialists and Marine Le Pen’s National Rally are willing to topple the government over the budget. Le Pen is expected to present a five-year EUR 125 billion savings plan, while Jordan Bardella is set to outline the party’s counter-budget for 2027, and the government is likely to use Article 49.3 to pass the budget without a majority, which could trigger a no-confidence vote if challenged.

For the euro area, Action Forex highlighted expectations that August retail sales will rise slightly by 0.3% month over month. It also noted that in the US, President Trump signed an executive order to temporarily ease restrictions on the use of tax-exempt red diesel on public roads, deferring federal excise taxes on dyed diesel for the rest of the year in an effort to contain high fuel prices.

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