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

Euro tops $1.10 for first time since French election results

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

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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