17 Jun 2024

Currency markets are struggling to gain traction as political turmoil weighs on the euro, sustaining safe haven flows into the dollar, yen, and Swiss franc. Broader conditions look mixed, with North American equity futures little changed, bond yields ticking upward, crude prices nudging higher, and raw industrial commodity benchmarks slipping.  Ten-year French government bonds are still yielding roughly 80 basis points more than their German counterparts as uncertainty remains elevated ahead of the country’s two-round legislative election, which is set to conclude on July 7. Both Marine le Pen’s far-right National Rally and the left-wing Popular Front parties have made substantial advances...