Here are the 3 Reasons why European Election Results were So BAD for EURO and the European markets
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Editors’ Picks
EUR/USD retreats to 1.0700 area following post-PCE jump
![EUR/USD retreats to 1.0700 area following post-PCE jump](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/photo-of-the-american-and-euro-banknotes-57153806_XtraSmall.jpg)
After spiking to a daily high of 1.0720 with the immediate reaction to US PCE inflation data, EUR/USD lost its traction and declined to the 1.0700 area. Investors remain cautious ahead of this weekend's French election and make it difficult for the Euro to gather strength.
GBP/USD stays below 1.2650 after US inflation data
![GBP/USD stays below 1.2650 after US inflation data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-688526532_XtraSmall.jpg)
GBP/USD struggles to preserve its bullish momentum and trades below 1.2650 in the American session on Friday. Earlier in the day, the data from the US showed that the annual core PCE inflation declined to 2.6% in May, limiting the USD's upside and helping the pair hold its ground.
Gold keeps its daily gains near $2,330 following US PCE data
![Gold keeps its daily gains near $2,330 following US PCE data](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/stacked-gold-bars-13094022_XtraSmall.jpg)
Gold prices maintain their constructive bias around $2,330 after US inflation readings gauged by the PCE matched consensus in May and US yields advance slightly across the curve.
BTC struggles around the $62,000 level
![BTC struggles around the $62,000 level](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptocurrenciesusd_XtraSmall.jpg)
Bitcoin price faces pullback resistance at the lower band of the descending wedge around $62,000. Ethereum price finds support at $3,288, the 61.8% Fibonacci retracement level. Ripple price faces resistance at $0.500, its daily resistance level.
French Elections Preview: Euro to suffer after the calm, as specter of extremists, uncertainty rise Premium
![French Elections Preview: Euro to suffer after the calm, as specter of extremists, uncertainty rise](https://editorial.fxstreet.com/images/Macroeconomics/Countries/Europe/Eurozone_countries/France/pantheon-paris-with-french-flag-8748101_XtraSmall.jpg)
The first round of French parliamentary elections is set to trigger high uncertainty. Soothing messages from the far right and far left leave the Euro vulnerable to falls. Calm may return only after the second round of voting on July 7.
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