This morning The Euro has continued to be under pressure ahead of the no-confidence vote against the French Prime Minister Michel Barnier. Lawmakers are set to begin debating the social security element of the budget in Paris at 4pm, with the actual voting to commence shortly afterwards. Current sentiment is pointing towards Barnier losing the vote, after he used a constitutional clause to force through his budget without putting it through a vote.
Further political turmoil off the back of Barnier losing would weigh even heavier on The Euro when considering the struggles that both France and Germany are currently experiencing and therefore, we can expect to see more downward pressure against both USD & GBP. A loss in the no-confidence vote would also potentially lead to France essentially having a caretaker administration in place until July when the next set of elections are due to take hold.
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