Euro falls to May 2025 levels on French budget concerns

The euro declined to its lowest levels since May 2025, marking a 0.8% decrease against the dollar to reach $1.116, while still trading around $1.1211. Concerns over France's ability to control its fiscal deficit and political tensions ahead of the 2027 elections contributed to this decline. The European currency was also negatively affected by a deteriorating French bond market, where the yield spread between French and German bonds widened to 160 basis points — the highest level since the Eurozone debt crisis in 2011 — before narrowing again to 135 basis points. This development led to the euro's fourth consecutive week of decline, losing 3.1% of its value. Meanwhile, the dollar received support from market anxiety over Eurozone bonds and ongoing inflation reflected in U.S. economic data.

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