EUR/USD holds steady below 1.0750 amid stronger US Dollar, political uncertainty in France

• EUR/USD trades flat near 1.0735 amid the firmer US Dollar in Friday’s early Asian session. 
• The political uncertainty in Europe and the ECB’s rate cuts weigh on the Euro. 
• The US Fed signaled that it will cut its key interest rate just once by 25 bps this year.

The EUR/USD pair trades on a flat note around 1.0735 on Friday during the early Asian trading hours. The upside of the pair might be limited amid the uncertainty surrounding European parliamentary elections. Investors will take more cues from the ECB’s Christine Lagarde speech and the preliminary US Michigan Consumer Sentiment report for June. 

The European Parliament election revealed fault lines in several member states. In France, after a defeat by the far-right National Rally, President Emmanuel Macron has dissolved parliament and has called a snap election, risking a far-right rise in the country’s parliament, according to the European Council on foreign relations website.