Euro slumps against Swiss franc after French elections

The euro slumped on Monday morning against the franc, and to a lesser extent the dollar, in the wake of an electoral upset in France. Do you want to read our weekly top stories? Subscribe here. Marine Le Pen and Jordan Bardella's Rassemblement National lost the second round of legislative elections to the Nouveau Front Populaire. The far-right was also beaten by President Emmanuel Macron's Ensemble party. At 08:46, the euro had lost 0.22% against the franc at 0.9687 EUR/CHF and 0.11% against the dollar at 1.0828 EUR/USD. "The risk premium on the euro seems to have faded to some extent already, and we don't expect any sudden bouts of weakness against the dollar given the absence of a clear majority," says Claudia Panseri, head of investment in France for UBS's Global Wealth Management unit. If the left were to succeed in imposing its views, the single currency could sink below $1.05. A government made up of moderates should keep the EUR/USD pair around 1.08, she added. The franc has ...