Euro Falls vs Sterling as Fiscal Concerns Appear Greater in France than U.K.
Dow Jones
Yesterday
0920 GMT - The euro falls to an 11-week low against sterling as France's political and fiscal issues are arguably in a more difficult position than those of the U.K., Rabobank's Jane Foley says in a note. U.K. government bonds have much to worry about ahead of the October 28 U.K. budget given spending proposals and limited fiscal headroom, she says. However, much of these concerns are already in sterling's price, she says. "In contrast, it is eurozone news that is currently hitting the headlines." There are concerns that France's government's recent budget proposal will struggle to be approved. Meanwhile, Spanish Prime Minister Pedro Sanchez has called snap elections for next month. The euro falls to as low as 0.8456 pounds.
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