The US Dollar softens on profit-taking after the steep surge registered on Monday.
A vote of no confidence becomes inevitable in France, while elections are not foreseen until 2025.
The US Dollar Index drops back to the lower end of 106.00, failing to hold gains above 106.50.
The US Dollar (USD) is paring back Monday’s gains, with the US Dollar Index (DXY) trading in the lower end of 106.00 on Tuesday, as traders take profits after the steep surge seen at the beginning of the week. The move comes even as investors remain on edge about the political situation in France, with a motion of no confidence to be debated and voted on Wednesday.
If successful, it is unclear what will happen next as parliamentary elections cannot be held until next June. An option is that Macron appoints a new prime minister who could bring more stability. Still, this looks like a daunting task given the fragmentation of the current parliament.
The US economic calendar, meanwhile, is getting ready for the first key data point preceding the Nonfarm Payrolls release on Friday: the JOLTS Job Openings report for October. Markets will hear from Federal Reserve (Fed) officials as well, with three Fed speakers set to release comments after Federal Reserve Governor Christopher Waller said he is open to an interest-rate cut in December.
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