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Euro down over 1% due to French referendum

thecheers.org    2005-05-31 08:18:01    


The euro fell more than 1% after the disclosure of the results of the French Referendum on Sunday. Simply put - French said NO to European Union constitution.

The reason for NO was the fact that the constitution could limit social protection.

For the EU constitution to take effect it needs all 25 member countries to say YES. However, that won't happen anymore. And no one knows where and how things will go from now.

At least one thing is sure - the Euro was brought down to its lowest level in 7 months. This should show at least something.

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