According to Jinshi Data, Swiss online bank analyst Ipek Ozkardeskaya said that due to weak economic growth and political turmoil in Europe, the market expects that the European Central Bank will need to cut interest rates significantly, leading to the decline of the euro.
French President Emmanuel Macron has formed a new government under Francois Bayrou, his fourth prime minister this year. Ozkardeskaya said even the "heavyweights" in the new cabinet had trouble convincing the divided government to agree on a budget deal to reduce France's budget deficit.
