The EUR/USD pair remains under some selling pressure for the second straight day and drops to over a three-week low during the Asian session on Monday.
EUR/USD drops to a multi-week low and is pressured by a combination of factors. The upbeat US NFP tempers Fed rate cut bets and continues to underpin the USD. Increasing political uncertainty weighs on the Euro and contributes to the decline. Spot prices currently trade around the 1.0775 region and seem vulnerable to extending the post- NFP breakdown momentum through the 100-day Simple Moving Average .
The shared currency, on the other hand, is undermined by an aggregated exit poll, which indicated that Eurosceptic nationalists made the biggest gains in European Parliament elections in the Sunday vote. Furthermore, French President Emmanuel Macron's decision to call snap elections later this month increases political uncertainty in the Eurozone's second-biggest economy and favors Euro bears.
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