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Euro tops $1.10 for first time since French election results
May 16, 2017 / 7:44 AM / in 5 months

Euro tops $1.10 for first time since French election results

The German Central Bank (Bundesbank) presents the new 50 euro banknote at its headquarters in Frankfurt, Germany, March 16, 2017. REUTERS/Kai Pfaffenbach

LONDON (Reuters) - The euro topped $1.10 for the first time since the results of the second round of the May 7 French presidential run-off on Tuesday, as the dollar weakened across the board on doubts over whether U.S. interest rates would rise next month.

The euro traded as high as $1.1011 EUR=, up a third of a percent on the day, just shy of a six-month peak of $1.1024 that it briefly jumped to in the aftermath of the French election results.

Investors are still pricing in around a 73 percent chance that the U.S. Federal Reserve will hike interest rates in June, but that was down from a more than 80 percent chance last week, according to CME’s FedWatch tool.

That, along with political worries, has weakened the dollar, which also sank against the yen JPY=.

Reporting by Jemima Kelly; Editing by John Geddie

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