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16 Jun 2024

European political jitters

• European concerns. French political risks weighing on European assets. EUR near a ~1-month low. This, and a softer JPY, has supported the USD.• AUD cross-currents. Backdrop has seen AUD drift back. But it isn’t all one-way. AUD/EUR near the upper end of its 2024 range.• Event radar. RBA meets (Tues). Offshore, in addition to French politics, markets focused on the China data, US retail sales, Fed speakers, BoE meeting, & PMIs. Nerves about the potential outcome of the upcoming French parliamentary elections (30 June & 7 July) continued to dampen sentiment in Europe at the end of last week....

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