The Euro experienced a significant depreciation, falling past $1.08 to reach four-week lows, primarily driven by political upheavals in France and a strengthening US dollar.

The political landscape in France became unpredictable as President Emmanuel Macron announced a snap election after his party suffered a substantial defeat to Marine Le Pen's National Rally in the EU vote, adding to the euro's volatility.

The US dollar's upswing came on the heels of buoyant US jobs data, causing market participants to roll back their anticipations of imminent US interest rate reductions, just as the Federal Reserve was about to convene for its policy assembly.

In the meantime, the European Central Bank initiated its first interest rate decrease in five years, though it proceeded with caution regarding future cuts.