France voted against prime minister Michel Barnier’s budget yesterday – now leaving months of political uncertainty again. It’s not the first time this year we have seen political chaos in France. Looking back to the summer months when there was a vote of no confidence against President Macron – splitting the government. Officials are now saying that prime minister Michel Barnier will have to step down tomorrow.
France will now be left without a government in charge until their next election, which is likely to happen around July in 2025.
Moving towards 2025, EU are facing big political issues – with their two biggest economies without a running government Germany and France. We did see the effects on the EUR yesterday with GBP/EUR almost touching the 1.21-mark before consolidating back down to the mid 1.20-mark. While EUR/USD fell below the 1.05-region over the day and have since recovered back up above the 1.05-mark.
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