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Euro plummets against the pound to almost a two-year low after EU election shock

The value of the Euro has fallen sharply amid political uncertainty in Europe after French President Emmanuel Macron called a snap General Election.

The singly currency dropped to an almost two-year low against the pound, falling half a cent this morning (June 10) to $1.0753.

The European Union is going through a period of uncertainty after Eurosceptic nationalist groups made the biggest gains in the elections to the European Parliament over the weekend.

President Macron has called a snap election for June 30 after the National Rally party has gained many seats in the European Parliament elections.

Shares in French banks have also slumped as a result, with shares in Société Générale falling 5.4 percent today, while BNP Paribas shares fell 4.4 percent and Credit Agricole shares have fallen 4.1 percent.

The sudden drop means the French CAC 40 index has now dropped to its lowest point since February.

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