LONDON—The euro rose on Monday despite French President Emmanuel Macron losing an absolute majority in the country’s parliamentary election, as the dollar retreated against its major peers after hitting a 20-year peak last week.
Macron’s centrist Ensemble coalition secured the most seats in the National Assembly but fell well short of an absolute majority needed to control parliament, final results showed.
Analysts and traders shrugged off the election results, with the euro rising 0.2 percent against the dollar to $1.05155.
“There’s two things that are very important to the euro: What sort of anti-fragmentation tool the ECB can come up with, and the outlook for monetary policy,” said Ingvild Borgen Gjerde, FX analyst at DNB Markets….