The euro weakened against the US dollar and other major currencies amid France’s political and economic crisis. According to Patrick Mannelly, an analyst at Tickmill, political instability in France, deteriorating sentiment, declining confidence in Europe, and concerns over fiscal stability continue to put pressure on the single European currency. Following the unrest, French President Emmanuel Macron addressed the nation on Sunday evening.
According to French media reports, his speech included significant announcements. Left-wing groups have accused the president of ignoring protesters’ demands, particularly those related to the cost of living, while right-wing forces are calling for a tougher response. The unrest comes at a time when France, the eurozone’s second-largest economy, is under close scrutiny from financial markets because of its high public debt.
"Politicians will struggle to deliver the fiscal discipline needed to reduce the budget deficit," said Neil Wilson, an analyst at Saxo Bank. Mass protests took place across France on October 17 amid rising living costs and public dissatisfaction with the government’s social policies. Around 550,000 people took part in the demonstrations, while trade unions put the figure at 800,000.
Clashes with police, looting, and arson were reported in Paris, Lyon, Marseille, and other cities. In several locations, protesters looted stores, including Louis Vuitton, Decathlon, Intersport, and Apple Stores. In Marseille, a group also broke into the city hall building.
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