EUR/USD falls slightly to near 1.1630 as the Euro hits by French political uncertainty.
French PM Bayrou might lose confidence vote on September 9.
The ousting of Fed Governor Cook has dampened the outlook of the US Dollar.
The EUR/USD pair edges lower to near 1.1630 during the Asian trading session on Wednesday. The major currency pair faces a slight selling pressure as political uncertainty in France has weighed on the Euro (EUR).
The existence of Prime Minister (PM) François Bayrou's minority government has come under threat as all three opposition parties of France have expressed that they won’t back a confidence vote over his €44 billion budget package on September 8.
Political uncertainty in France led to a meltdown in French assets on Tuesday. CAC 40 ended 1.7% down in Tuesday’s trade.
On the economic front, the Euro will be influenced by the inflation data from major states of the Eurozone, which will be published on Friday.
Additionally, some sort of stability in the US Dollar (USD) has also weighed on the major currency pair. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, ticks up to near 98.35 during the press time.
However, the outlook of the US Dollar is uncertain as the announcement of Federal Reserve (Fed) Governor Lisa Cook’s termination by United States (US) President Donald Trump over mortgage allegations has made a serious crack on central bank’s independence.
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