SINGAPORE, June 10 Reuters The euro fell sharply on Monday, hit by political uncertainty after French President Emmanuel Macron called a snap legislative election, while the dollar was firm ahead of the Federal Reserve39;s meeting later in the week.

The dollar was supported by a strongerthanexpected jobs report on Friday that cooled rate cut expectations and so suggested the U.S. central bank could take time to start its easing cycle this year.

The euro hit a onemonth low of 1.07485 in Asian hours after Macron took a risky gamble to try to reestablish his authority by calling for an election after gains in the European Union vote by the farright.

Eurosceptic nationalists made the biggest gains in European Parliament elections on Sunday, an aggregated exit poll showed, although centre, liberal and socialist parties were set to retain a majority.

The euro was last down 0.44 at 1.0753 and has slid more than 2.5 against the dollar this year. The euro fell to its lowest since August 2022 against the pound , and eased 0.2 against the yen .

Charu Chanana, head of currency strategy at Saxo, said the euro has suffered a doubleblow from the hot U.S. jobs data on Friday and the political uncertainty in Europe.

This is adding to the downside pressures for the currency after the ECB kickstarted its easing cycle last week, while the Fed could be seen delaying its rate cuts for now.

The European Central Bank cut rates last week in a welltelegraphed move, but offered few hints…