The euro reached new heights after the French election, but it has been falling ever since
The euro reached $1.10 after the French election, the highest level in six months.
Exchange rate of the US dollar versus the euro
Traders were relieved with Emmanuel Macron’s victory in the French presidential election.
Besides being pro-EU, the centrist politician wants to cut corporate taxes and public spending, and wants to invest €50 billion ($55 billion) in the French economy.
But right after reaching $1.10, the euro went down again to $1.09. That’s because Macron’s win was not really a surprise and traders had been betting on it for a while.
The jump was bigger right after the French election’s first round, when the euro went from $1.07 to over $1.09.