TOKYO - The dollar was firm on Monday as the euro hovered near a more than one-month low amid continued concerns about the political outlook in Europe.
Investors have been contemplating the risk of a budget crisis at the heart of the euro area, as far right and leftist parties gain momentum ahead of France's surprise parliamentary election, pressuring President Emmanuel Macron's centrist administration. The Fed published updated projections last week that showed the median forecast from all 19 U.S. central bankers was for a single interest rate cut this year.
Sterling was last trading at $1.2687, up 0.04% on the day. Britain's inflation pressures still appear too hot for the Bank of England to cut rates at its June 20 meeting. A Reuters poll published last week showed 63 of 65 economists thought a first cut would not come until Aug. 1. The yen was last up 0.05% at 157.41 per dollar, after slipping to 158.26 after Friday's decision, its lowest since April 29.
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