Euro wobbles, S.Korean won steady as political turmoil checks sentiment
The single currency was fetching $1.0514, trading in tight ranges in early Asian hours but was close to the two-year low of $1.03315 it touched at the end of November as traders brace for a long-winded reckoning for France.
French lawmakers passed a no-confidence vote against the government on Wednesday, as expected, throwing the country deeper into a crisis that threatens its capacity to legislate and tame a massive budget deficit.
«The fall of the government means that political uncertainty will persist and continue to weigh on business and consumer confidence,» said ING economist Charlotte de Montpellier.
«Finding a new prime minister who will not face a motion of no confidence directly will be a very difficult mission. It is therefore likely that France will remain without a government for several weeks, if not months.»
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