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New York Foreign Exchange Market: The fall of the French government dragged down the euro's gains, with the australian dollar underperforming.
After the French government collapsed due to a parliamentary vote of no confidence, the euro nearly erased all of its previous gains, and the dollar also fell in the New York forex market on Wednesday. The australian dollar lagged among the G-10 currencies. The euro/dollar remained flat at 1.0511, having briefly risen 0.3% before the parliamentary vote in France. The French parliament passed a vote of no confidence against the government of Michel Barnier, leading to its collapse. "The moderate market reaction further indicates that many negative factors have already been priced into the euro," said Valentin Marino, head of G-10 forex strategy at Amundi. He noted that the market's focus is on.