The euro hit its weakest level against the U.S. dollar in 17 months on Monday, as concerns over the political trajectories of Spain and France spilled over into wider markets. The eurozone currency fell 0.6% against the dollar, reaching its lowest level since May 19, 2025, according to LSEG data. In Spain, Prime Minister Pedro Sánchez is expected to call a snap election amid housing crisis protests. In France, Barclays economists estimate the country is unlikely to meet its fiscal targets despite a draft budget aimed at reducing the public deficit from 5.4% to 5% of GDP.
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