EUR/USD dives as France Prime Minister resigns unexpectedly
The Euro is plunging across the board on Monday, following news that France's Prime Minister, Sébastien Lecornu, resigned. EUR/USD has sliced through the 1.1700 area and is approaching one-month lows at 1.1645 at the time of writing.
France's President's office announced that Lecornu tendered his resignation on Monday, hours after the new government was announced. Lecornu is the fifth Prime Minister in Macron's second term, and his resignation leads the country into a deep political crisis. putting the President's credibility into question.
In the US, attempts to fund the Federal Government failed in the US Senate over the weekend, sending the US government's closure into the second week. US President Donald Trump has threatened to impose mass layoffs of federal workers if the talks go nowhere and the market starts pricing in a protracted shutdown.
In the economic calendar, European Central Bank (ECB) President Christine Lagarde and Eurozone Retail Sales will draw the focus on Monday. In the US session, Kansas City Federal Reserve (Fed) President Jeffrey Schmid's conference is the only event worth mentioning.
Source : Fxstreet.com
