Euro Pares Loss After French Politician Bayrou Backs Macron

The euro on Wednesday was paring its loss against the dollar following reports that French centrist politician Francois Bayrou will not run for president and instead back Emmanuel Macron, a centrist candidate. The shared currency was changing hands at $1.0543, after trading below $1.05 ahead of the news. Analysts have said the euro could fall to $1.03 if the prospects for populist Marine Le Pen becoming the country's next president keep strengthening. Macron is believed to have a good chance of beating Le Pen if a second round of voting were needed.